MannKind Corporation (NASDAQ:MNKD) shareholders have a smile on their faces Wednesday evening, after the drug maker announced that it has entered into a supply and distribution agreement for the commercialization of Afrezza® (insulin human) Inhalation Powder in Brazil.
MannKind shares reacted to the news, rising nearly 15% to $1.75 in after-hours trading.
Under the supply and distribution agreement, Biomm will be responsible for preparing and filing the necessary applications for regulatory approval of Afrezza, including from the Agência Nacional de Vigilância Sanitária and, with respect to pricing matters, from the Camara de Regulação de Mercado de Medicamentos. Upon satisfactory approval from these regulatory bodies, MannKind will manufacture and supply Afrezza to Biomm, and Biomm will be responsible for promoting and distributing Afrezza within Brazil.
“We are pleased to partner with Biomm to bring Afrezza to the Brazilian diabetes market,” said Michael Castagna, Chief Executive Officer of MannKind Corporation. “Our founder, Alfred Mann, had a vision to reduce the global burden of diabetes through novel technologies. In 2015, more than 14 million people were estimated to have diabetes in Brazil. Given Biomm’s presence and knowledge of the diabetes market in Brazil, we believe that Biomm is the ideal partner to reach healthcare providers and patients with the message that there is another potential option in their fight against diabetes.”
“As a pioneering biotechnology company in Brazil, we believe that we can leverage our current portfolio of diabetes products to offer another option to the significant and growing numbers of patients with diabetes,” said Heraldo Marchezini, Diretor Presidente/CEO of Biomm SA. “We are proud to be the first company to bring inhaled mealtime insulin to the Brazilian market.”
MannKind Corp. is a biopharmaceutical company. It focuses on the discovery, development and commercialization of therapeutic products for diseases, such as diabetes and cancer.