MannKind Corporation (NASDAQ: MNKD) is off to an incredibly strong start in the market this morning, and for good reason. News broke of a new supply and distribution agreement surrounding Afrezza®. As a result, investors became excited, sending the stock upward and prompting our partners at Trade Ideas to send the alert. At the moment (8:25), MNKD is trading at $1.79 per share after a gain of $0.27 per share (17.76%) thus far today.
MNKD Enters Into Supply And Distribution Agreement
As mentioned above, MannKind Corporation is off to an incredibly strong start in the market this morning after announcing that it has entered into a supply and distribution agreement surrounding Afrezza. The agreement was signed with a Brazilian company known as BIOMM.
Under the terms of the agreement, BIOMM will be preparing and filing all necessary applications for regulatory approval. Once the approval has been achieved, MNKD will be in charge of manufacture and supply while BIOMM will be responsible for advertising and distribution of the inhaled insulin. In a statement, Michael Castagna, CEO at MNKD, had the following to offer:
“We are pleased to partner with Biomm to bring Afrezza to the Brazilian diabetes market… Our founder, Alfred Mann, had a vision to reduce the global burden of diabetes through novel technologies. In 2015, more than 14 million people were estimated to have diabetes in Brazil. Given Biomm’s presence and knowledge of the diabetes market in Brazil, we believe that Biomm is the ideal partner to reach healthcare providers and patients with the message that there is another potential option in the fight against diabetes.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on MNKD. In particular, we’re interested in following the news associated with this new partnership. Considering the standing of Biomm in the Brazilian market, it is exciting that the company has chosen such a strong partner to help them penetrate the market. We’ll continue to follow the story closely and bring the news to you as it breaks!
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