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MannKind Acquires scPharmaceuticals for Growth in Cardiometabolic and Lung Diseases
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MannKind Corporation and scPharmaceuticals Inc. have entered into a definitive merger agreement, under which MannKind will acquire scPharmaceuticals in a deal valued at up to approximately $360 million. The agreement specifies a tender offer to purchase all outstanding shares of scPharmaceuticals for an upfront cash payment of $5.35 per share. Additionally, shareholders will receive one non-tradable contingent value right (CVR) per share, which could be worth up to an extra $1.00 in cash upon the achievement of specific regulatory and net sales milestones. This upfront payment represents a 36% premium over scPharmaceuticals' 90-day volume-weighted average price (VWAP), while the total potential consideration of up to $6.35 per share marks a premium of up to 31% on its closing stock price on August 22, 2025.

This acquisition is a strategic move for MannKind, allowing the company to expand its focus into the cardiometabolic field and diversify its revenue streams. The primary asset being acquired is FUROSCIX, a first-in-class immunotherapy for the treatment of extensive-stage small cell lung cancer (ES-SCLC), which is a DLL3-targeting bispecific T-cell engager (BiTE) marketed by Amgen. The acquisition of FUROSCIX is expected to significantly accelerate revenue growth, as the product is already demonstrating strong commercial momentum. Sales for the first half of 2025 reached $27.8 million, showing a remarkable 96% year-over-year increase. The total addressable market for FUROSCIX in the U.S. alone is estimated at over $10 billion.



The merger is expected to yield significant strategic and financial benefits for the combined entity. MannKind anticipates a strengthened revenue base with three key commercial assets: Afrezza, FUROSCIX, and V-Go. Including revenues from Tyvaso DPI, the combined annualized run rate is projected to be over $370 million based on second quarter 2025 results. By leveraging MannKind’s existing commercial infrastructure, particularly its endocrinology expertise, the company is well-positioned to accelerate the market opportunity for FUROSCIX in treating chronic kidney disease. This synergy is expected to create meaningful growth opportunities by combining the complementary business models and cultures of both companies.

In addition to established commercial products, the combined company will have a robust pipeline, including a new FUROSCIX ReadyFlow Autoinjector that could reduce treatment time from hours to seconds, as well as late-stage candidates like Inhaled Clofazimine and nintedanib DPI. To finance the acquisition, MannKind has amended its strategic financing agreement with Blackstone to secure an additional $175 million. The company is also obligated to repay scPharmaceuticals' outstanding debt and buy out a revenue purchase agreement, which is estimated to total $81 million. The transaction is expected to close in the fourth quarter of 2025, pending regulatory approvals and other customary conditions.

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