MannKind (MNKD) Inks Settlement With Sanofi (SNY); Losses Doubled for Novavax (NVAX)

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Shares of MannKind Corporation (Nasdaq:MNKD) soared over 15% in the extended session Wednesday after the company said that it has reached a settlement agreement with French drug giant Sanofi (NYSE:SNY) relating to the termination of a licensing deal between them for inhaled insulin AFREZZA

As part of the deal – according to MannKind -, Sanofi will purchase $10.2 million worth of insulin from the company early next month and will make a $30.6 million cash payment to MannKind by January 9, 2017

MNKD stock closed in positive territory by 8.84% (or +$0.038) at $0.466, and 13.14M of its shares changed hands during the day, representing a large increase in activity versus its average volume (3m) of 3.74M

MannKind, which focuses on the discovery, development, and commercialization of therapeutic products for diabetes patients, has 478.05M Shares Outstanding and MNKD stock 52-week range is between $0.41 and $3.02 per share. At close on Wednesday, the biopharmaceutical company had a Market Capitalization of $222.58M

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novavax_nvax

Novavax, Inc. (Nasdaq:NVAX) shares tumbled more than 10% in after-hours trading Wednesday as the clinical-stage vaccine company delivered a significant increase in losses and reduction in revenue in its quarterly financial results, and said it will reduce its workforce by about 30% to decrease cash burn.

For the third quarter 2016, Novavax posted revenue of $3.2 million, a 50.8% decrease year over year, and net loss of ($66.3) million, or ($0.24) per share versus a net loss of ($33.1) million, or ($0.12) per share in the same quarter the prior year. Wall Street analysts were expecting a loss of ($0.26) per share on revenues of $4.12 million for the period

NVAX stock finished the regular session at $1.70, up $0.25 (or +17.24%) with a total volume of 16.93M shares traded

Novavax, which focuses on discovering, developing, and commercializing recombinant nanoparticle vaccines and adjuvants, has 271.19M Shares Outstanding, Market Capitalization (intraday) of $460.49M and NVAX stock one-year range is from $1.16 to $9.23 per share

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