• Acquisition expected to diversify and accelerate double-digit revenue growth with FUROSCIX^®, an innovative treatment for edema due to chronic heart failure and chronic kidney disease, addressing significant unmet need
• Upfront cash payment of $5.35 per share plus one non-tradable contingent value right (CVR) per share payable upon achieving specific regulatory and net sales milestones worth up to $1.00 per CVR in cash
• Upfront cash payment represents a 36% premium to scPharmaceuticals’ 90 trading day VWAP, and total consideration of up to $6.35 per share represents up to a 31% premium to scPharmaceuticals’ closing price on August 22, 2025
• Strengthens organization by integrating scPharmaceuticals’ established commercial and medical capabilities into MannKind’s existing infrastructure
• FUROSCIX ReadyFlow Autoinjector on track for Q3 2025 sNDA submission, potentially unlocking additional market opportunity
• MannKind__

- MannKind Corporation (Nasdaq: MNKD) and scPharmaceuticals Inc. (Nasdaq: SCPH) today announced the signing of a definitive merger agreement for MannKind to acquire scPharmaceuticals.

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 in adult patients with chronic heart failure (CHF) and chronic kidney disease (CKD). The estimated total addressable market opportunity equates to more than $10 billion in the U.S. alone.

scPharmaceuticals has demonstrated strong commercial momentum with its 2024 sales force expansion, ongoing launch into nephrology and accelerating growth in integrated delivery networks. For the six months ended June 30, 2025, net sales totaled $27.8 million, up 96% year-over-year. The FUROSCIX ReadyFlow Autoinjector is on track for a Q3 2025 supplemental New Drug Application (sNDA) submission, potentially enabling patients to reduce 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, PharmD, Chief Executive Officer 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.”

“This transaction with MannKind represents an exciting next chapter for scPharmaceuticals and the FUROSCIX brand,” said John Tucker, Chief Executive Officer of scPharmaceuticals. “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.”

Strategic and Financial Benefits

• Diversifies MannKind’s revenue base and growth. The combined company is expected to have a stronger revenue base with three commercial assets in Afrezza^®, FUROSCIX, and V-Go^®. These complementary commercial products combined with Tyvaso DPI^®-related revenues result in an annualized run rate of over $370 million based on Q2 2025 results. MannKind expects its commercial products to generate double-digit annual growth with potential accelerators to expand market reach in the U.S. and globally:
  • Afrezza adult label update, India launch, and supplemental Biologics License Application submitted for pediatrics
  • FUROSCIX Autoinjector on track for Q3 2025 sNDA submission
  • Upcoming readouts from the TETON 1 and 2 studies of Tyvaso in idiopathic pulmonary fibrosis (IPF)

• Strategic fit with existing MannKind infrastructure is expected to unlock meaningful growth opportunities. The two companies share complementary business models and cultures, united by a commitment to delivering convenient, patient-centric therapies for those living with significant unmet medical needs. scPharmaceuticals brings deep cardiovascular expertise, while MannKind’s established strength in endocrinology positions it to effectively support the recent CKD approval. By leveraging its existing commercial infrastructure and team to engage nephrologists, MannKind is well-equipped to accelerate FUROSCIX’s market opportunity in CKD. MannKind expects to continue FUROSCIX’s ongoing success in CHF with the talented team that scPharmaceuticals has already established.

• Long-term value drivers continue to progress. In addition to established marketed products, MannKind is advancing a late-stage pipeline that includes Inhaled Clofazimine (MNKD-101), which is currently in a phase 3 global study for nontuberculous mycobacterial (NTM) lung disease, and nintedanib DPI (MNKD-201), which is expected to initiate a phase 2 clinical trial for IPF by year-end 2025.

• MannKind has sufficient capital to support its strategic objectives. MannKind and Blackstone amended their recently announced strategic financing agreement to provide $175 million of additional funding to support the acquisition.

Terms of the Agreement
Under the terms of the definitive merger agreement, MannKind will promptly commence a tender offer to acquire all of the outstanding shares of scPharmaceuticals common stock at a price of $5.35 per share in cash at closing plus one non-tradable CVR per share to receive certain milestone payments of up to an aggregate of $1.00 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 representing a total deal value of up to approximately $360 million. The non-tradable CVR is payable upon achieving certain regulatory and net sales milestones. The transaction is expected to close in the fourth quarter of 2025, subject to receipt of applicable regulatory approvals and the satisfaction of other customary conditions. As a condition to funding the Blackstone financing, upon the closing of the transaction, MannKind will be obligated to repay and extinguish all outstanding indebtedness of scPharmaceuticals under its credit facility with Perceptive and buy-out Perceptive’s rights to receive revenue payments pursuant to its revenue purchase and sale agreement, which is estimated to equal an aggregate repayment and buyout amount of $81 million, assuming a closing on September 30, 2025.