MannKind acquires insulin assets of Pfizer

Tue. June 23, 2009; Posted: 02:54 PM

Jun 23, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- PFE | Quote | Chart | News | PowerRating -- MannKind Corporation, a biopharmaceutical company, has acquired the insulin assets of Pfizer, Inc., a research-based pharmaceutical company. MannKind has also agreed to maintain and store the remainder of Pfizer's bulk insulin inventory. The total purchase price for this transaction, including consideration payable to MannKind for its storage and maintenance obligations, is $3 million in cash. Both the companies are based in the US.

The assets are related to the production of bulk insulin at the Pfizer's facility at Industriepark Hoechst, Frankfurt am Main, Germany, including the relevant real property rights, the equipment at the facility, the inventory of Pfizer, rights to acquire additional bulk insulin inventory and related technology rights.

The acquisition also includes a license to manufacture bulk insulin for use in pulmonary delivery pursuant to an insulin sale and purchase agreement. MannKind has also acquired an option to purchase the remaining insulin, in whole or in part, at a specified price, to the extent that Pfizer has not otherwise disposed of or used the remaining insulin.

MannKind had also entered into a sale and purchase agreement with Pfizer relating to Pfizer's insulin manufacturing facility in Frankfurt, Germany. MannKind's rights and obligations under this latter agreement were subject to a right of first refusal in favor of Sanofi-Aventis. On June 8, 2009, Sanofi-Aventis had exercised its right of first refusal, thereby releasing MannKind from any obligations under this agreement.

Announcement (March 6, 2009):

MannKind has agreed to acquire the insulin assets of Pfizer. The acquisition includes, the assets related to the production of bulk insulin, along with the relevant real property rights, the production equipment, a quantity of bulk insulin, and a license to manufacture bulk insulin for use in pulmonary delivery.

Deal Value (US$ Million) 3
Deal Type                Acquisition
Sub-Category             Asset Purchase
Deal Status              Completed: 2009-06-22

Deal Participants

Target (Company)   Pfizer, Inc. - Insulin Assets
Acquirer (Company) MannKind Corporation
Vendor (Company)   Pfizer, Inc.

For full details on Pfizer Inc (PFE) click here. Pfizer Inc (PFE) has Short Term PowerRatings of 6. Details on Pfizer Inc (PFE) Short Term PowerRatings is available at This Link.

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