MannKind Plunges After Sanofi Ends Deal for Inhaled Insulin
- Sanofi says product `never met even modest expecations'
- Alfred Mann's company to take responsibility for sales
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MannKind Corp. shares plunged after Sanofi ended its collaboration on the development and sale of Afrezza, the latest inhaled insulin to struggle in the diabetes market.
MannKind fell 34 percent to 96 cents at 10:02 a.m., a record intraday low. MannKind, which doggedly pursued development of Afrezza despite numerous setbacks, will take back responsibility for sales of the drug over the next three to six months and is exploring options for the device, the Valencia, California-based company said in a statement. The end of the collaboration will take place no later than July 4, MannKind said.