MannKind to acquire scPharmaceuticals for $5.35/share plus CVR up to $1.00/share

MANNKIND CORP

Offer price: $5.35 cash + one contingent value right (CVR) per share; CVR milestones up to $1.00 aggregate.
CVR milestones: FDA approval of SCP-111 injection by June 30, 2027 (Milestone 1) and $110M+ net sales of specified products by Dec 31, 2026 (Milestone 2).
Principal stockholders holding ~11.5% of SCPH shares have agreed to tender and support the deal.
MannKind obtained $175M incremental delayed draw term loan from Blackstone to finance transaction costs; will repay ~$81M of SCPH's Perceptive debt upon close.
Strategic rationale: acquisition of FUROSCIX (approved for heart failure and chronic kidney disease) to expand into cardiorenal medicine.

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