MannKind sold a 1% royalty in net sales of Tyvaso DPI inhalation powder in exchange for up to $200M, including the purchase price of $150M and an additional potential milestone payment of up to $50M. United Therapeutics licensed Tyvaso DPI from MannKind in 2018 and began marketing it in June 2022 for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease following FDA approval. Pursuant to a license agreement with United Therapeutics, MannKind is entitled to a 10% royalty on net sales of Tyvaso DPI, subject to certain reductions. Under the terms of the royalty purchase agreement, Sagard Healthcare will receive royalty payments equal to 1% of the net sales of Tyvaso DPI that occur between October 1, 2023 and December 31, 2042, with MannKind retaining a 9% royalty.
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