MannKind Buys scPharmaceuticals for Up to $360 Million to Expand Cardiorenal Line

MannKind Corp. agreed to acquire scPharmaceuticals Inc. for $5.35 in cash per share plus a non-tradable contingent value right worth up to an additional $1.00. The offer values the Burlington, Massachusetts-based company at about $303 million upfront and as much as $360 million if future regulatory and sales milestones are met, representing up to a 31 % premium to scPharmaceuticals’ closing price on 22 August. The deal expands MannKind beyond its core inhaled-insulin franchise into cardiorenal medicine by adding FUROSCIX, an FDA-approved on-body furosemide infuser for fluid overload in chronic heart failure and kidney disease. MannKind said the acquisition will diversify its revenue base—currently led by Afrezza and V-Go—and help sustain double-digit growth; combined annualised revenue from commercial assets would exceed $370 million based on second-quarter results. MannKind will fund the purchase in part through an amended credit agreement with Blackstone that provides an additional $175 million. A tender offer is expected to launch shortly, with closing targeted for the fourth quarter of 2025, pending regulatory clearance and other customary conditions. Upon completion, MannKind will repay roughly $81 million of scPharmaceuticals’ outstanding debt.