Not at all sure on the Jan 2015 leaps, but they might be converted and carried over to the acquirer's stock (if publically traded). But check out the post below, which appeared while I was typing this - that would not be a good thing for $5 leap holders - a $5 buyout.

I would be more comfortable saying a premium would be paid on the Feb 2016 warrants, not because that's what I own, but because they are a security issued by MNKD, and I'm almost sure there is a price negotiated for retiring those in the event of a buyout. As for the Jan 2015's, they are not a security issued by MNKD, but a derivative security sponsored by the markets and market makers.