- Investors in MannKind (NASDAQ:MNKD) get a ray of hope this morning. Shares are up 9% on robust volume in response to its announcement of a collaboration and license deal with newly formed Seattle, WA-based Receptor Life Sciences to develop inhaled therapeutics to treat chronic pain, neurological diseases and inflammatory disorders.
- Under the terms of the deal, MannKind will perform initial formulation studies and will work with Receptor to develop inhaled formulations of certain undisclosed compounds. It will transfer manufacturing technology to Receptor, who will be responsible for manufacturing and commercialization activities. The companies will collaborate on clinical development with Receptor footing the bill for all development costs. MannKind is eligible to receive up to ~$102M milestones plus mid-single to low-double-digit royalties on net sales.