MannKind Corporation and scPharmaceuticals Inc. have signed a definitive merger agreement under which MannKind will acquire the Massachusetts-based pharmaceutical company.

This proposed acquisition marks MannKind’s strategic expansion into cardiorenal medicine, establishing the company’s cardiometabolic business alongside its orphan lung division.

scPharmaceuticals currently markets FUROSCIX, an FDA-approved on-body infuser delivering furosemide, the gold standard to treat fluid overload (edema) in adult patients with chronic heart failure (CHF) and chronic kidney disease (CKD). The total addressable market opportunity is estimated at more than USD 10 billion in the US alone.

The FUROSCIX ReadyFlow Autoinjector is on track for a Q3 2025 supplemental New Drug Application (sNDA) submission, potentially reducing treatment time from five hours to less than 10 seconds.

“This acquisition expands our patient-centered brands and highlights MannKind’s dedication to delivering innovative therapies for cardiometabolic and orphan lung diseases,” said Michael Castagna, CEO of MannKind Corporation.

“With multiple anticipated product launches and indication expansions, we expect to continue to diversify our revenue streams and accelerate our double-digit growth goals over the next decade,” he added.

scPharmaceuticals CEO John Tucker called the transaction “an exciting next chapter for scPharmaceuticals and the FUROSCIX brand.” 

“By combining our innovative products with MannKind’s proven commercial capabilities and shared commitment to advancing patient care, we believe MannKind can accelerate access to important therapies and create meaningful value for patients, providers, and stockholders,” he added.

Following the merger, the combined company will benefit from a strengthened revenue base, anchored by three complementary commercial products—Afrezza, FUROSCIX, and V-Go—alongside revenues from Tyvaso DPI.

Based on Q2 2025 results, the annualized revenue run rate is projected at over USD 370 million, with growth opportunities driven by: Afrezza adult label update, India launch, and supplemental Biologics License Application submitted for paediatrics; FUROSCIX Autoinjector submission (Q3 2025); upcoming readouts from the TETON 1 and 2 studies of Tyvaso in idiopathic pulmonary fibrosis (IPF).

In addition to established marketed products, MannKind continues to advance its late-stage pipeline, including Inhaled Clofazimine (MNKD-101) in Phase 3 for nontuberculous mycobacterial (NTM) lung disease and Nintedanib DPI (MNKD-201), expected to enter Phase 2 trials for IPF by year-end 2025.

To support the acquisition, MannKind and Blackstone amended their recently announced strategic financing agreement to provide USD 175 million of additional funding. 

The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals and other customary conditions.

Jefferies LLC acted as the exclusive financial advisor to MannKind, with Cooley LLP serving as legal counsel. Leerink Partners acted as exclusive financial advisor to scPharmaceuticals, with Latham and Watkins LLP providing legal counsel.

Headquartered in Westlake Village, California, MannKind Corporation focuses on the development and commercialisation of innovative inhaled therapeutic products and devices to address serious unmet medical needs for those living with endocrine and orphan lung diseases.