MannKind Is Plummeting

Shares of MannKind Corporation (NASDAQ: MNKD) plummeted more than 40 percent Tuesday morning after the company announced the termination of its licence and collaboration agreement with Sanofi SA (ADR) (NYSE: SNY).

The prior agreement consisted of the development and commercialization of Afrezza, an inhaled insulin.

MannKind noted that it is reviewing its strategic options for Afrezza as a result of the termination of the collaboration with Sanofi.

The companies will "promptly commence transition discussions in order to effect a smooth and orderly transition in the development and commercialization of Afrezza from Sanofi to MannKind over the next 90 — 180 days."

MannKind also announced it will host a conference call on Tuesday at 4:30 p.m. ET.

Shares traded recently at $0.95, down 34.5 percent in the pre-market session. Sanofi was down about 0.5 percent.