MannKind Corporation (MNKD) entered a merger agreement on August 25, 2025, to acquire scPharmaceuticals Inc. (SCPH) for $360 million.
MannKind will commence a tender offer to acquire all of the outstanding shares of scPharmaceuticals’ common stock for $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 per CVR. The non-tradable CVR is payable upon achieving certain regulatory and net sales milestones. The cash payment of $5.35 is at a premium of 10.31% from the stock’s last close.
scPharmaceuticals is a Burlington, Massachusetts–based pharmaceutical company developing and commercializing innovative therapies for heart and kidney conditions, including its FDA-approved FUROSCIX and a pipeline of anti-infective treatments.
MannKind is a biopharmaceutical company developing and commercializing innovative inhaled therapies for hormone-related and rare lung diseases, including its FDA-approved inhaled insulin Afrezza.
This acquisition represents MannKind’s strategic entry into cardiorenal medicine, expanding its cardiometabolic business alongside its orphan lung division.
scPharmaceuticals currently sells FUROSCIX, an FDA-approved wearable device that delivers furosemide, the standard treatment for fluid buildup in adults with chronic heart failure (CHF) and chronic kidney disease (CKD). The FUROSCIX ReadyFlow Autoinjector is on track for a supplemental New Drug Application (sNDA) submission in Q3 2025, which could reduce patient treatment time from five hours to less than 10 seconds.
The deal is expected to close in the fourth quarter of 2025.
As part of the Blackstone financing, MannKind will repay all of scPharmaceuticals’ debt under its credit facility with Perceptive and buy out Perceptive’s rights to future revenue payments. This repayment and buyout are expected to total about $81 million
scPharmaceuticals was advised by Leerink Partners as financial advisor and Latham & Watkins as legal counsel, while MannKind received financial advice from Jefferies and legal counsel from Cooley.
For more information on this M&A transaction, please visit the Deal Metrics page:
Deal Metrics for the acquisition of scPharmaceuticals Inc. (SCPH) by MannKind Corporation (MNKD)
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– A spread history chart of the merger from announcement through eventual completion or failure.
– Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
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– A history of deal updates.
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Editor’s Note: Baranjot Kaur contributed to this article