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Sanofi wins right to market MannKind's inhaled insulin drug Afrezza

A French pharmaceutical company has agreed to pay up to $925 million for the right to market Afrezza, the recently approved inhaled insulin treatment for diabetes developed by MannKind Corp. of Valencia.

Sanofi, based in Paris, said it would pay $150 million upfront to MannKind, the biotech firm owned by entrepreneur-physicist Alfred Mann. After that, MannKind will be paid as much as $775 million more if the drug meets certain sales and regulatory milestones.

Sanofi said it plans to start selling the diabetes treatment early next year.

The French firm will also share 35% of the profits — or losses — from Afrezza with MannKind.

MannKind shares gained 40 cents, or...

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