MannKind to Acquire scPharmaceuticals for up to $360 Million

San Diego – August 25, 2025 – Cooley advised MannKind Corporation (Nasdaq: MNKD), a company focused on the development and commercialization of inhaled therapeutic products and delivery devices for patients with endocrine and orphan lung diseases, on its definitive merger agreement to acquire scPharmaceuticals for up to $360 million. This acquisition marks MannKind’s strategic expansion into cardiorenal medicine, establishing the company’s cardiometabolic business alongside its orphan lung division.

Under the terms of the definitive merger agreement, MannKind will promptly commence a tender offer to acquire all outstanding shares of scPharmaceuticals common stock at a price of $5.35 per share in cash at closing plus one non-tradable contingent value right (CVR) per share to receive certain milestone payments of up to an aggregate of $1 per CVR in cash, for total consideration of up to $6.35 per share in cash, representing a total equity value of approximately $303 million at closing and a total deal value of up to approximately $360 million.

Lawyers Barbara Borden, Rowook Park, Julia Kim, Mischi a Marca, Adam Longenbach and Matthew Scarano led the Cooley team advising MannKind.

Cooley has advised MannKind for 20+ years, including on its $500 million strategic financing agreement with Blackstone, $200 million royalty purchase agreement with Sagard Healthcare, global licensing agreement with Sanofi, and $80.1 million public offering and concurrent $107.4 million private placement.

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