MannKind Announces Termination Of Partnership With Sanofi; Shares Tumble

Shares of

plummeted more than 40 percent Tuesday morning after the company

the termination of its licence and collaboration agreement with

. The prior agreement consisted of the development and commercialization of Afrezza, an inhaled insulin. MannKind noted that it is reviewing its strategic options for Afrezza as a result of the termination of the collaboration with Sanofi. The companies will "promptly commence transition discussions in order to effect a smooth and orderly transition in the development and commercialization of Afrezza from Sanofi to MannKind over the next 90 — 180 days." MannKind also announced it will host a conference call on Tuesday at 4:30