VALENCIA, Calif.--(BUSINESS WIRE)--Jun. 22, 2009-- MannKind Corporation (Nasdaq:MNKD) today announced that it has completed its acquisition from Pfizer Inc. (NYSE:PFE) of a quantity of bulk insulin and a license to manufacture bulk insulin for use in pulmonary delivery pursuant to an insulin sale and purchase agreement. Upon the closing, MannKind and Pfizer also entered into an agreement pursuant to which MannKind agreed to maintain and store the remainder of Pfizer’s bulk insulin inventory and 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. The total purchase price for this transaction, including consideration payable to MannKind for its storage and maintenance obligations, was $3 million, which MannKind paid in cash.

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 exercised its right of first refusal, thereby releasing MannKind from any obligations under this agreement.

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