Sep. 13 at 2:29 PM
$MNKD United Therapeutic has been working on building a new
$500 million DPI manufacturing plant for Tyvaso since 2023 and I expect the facility is close to completion and eventual FDA approval. The question remains how will this new facility be utilized. United could decide to take over Tyvaso DPI from MNKD, shifting all manufacturing from Danbury to United new DPI plant. Depending on the timing of the move, I expect United would have to buyout and pay MNKD the remaining portion of their manufacturing/supply agreement that could be several $ millions, adding additional cash to MNKD balance sheet and elimiate the collaboration/service payment MNKD is receiving from United that is running
$30 million quarterly. United taking over Tyvaso DPI manutacturing will free up Danbury to support MNKD's own manufacturing and supply needs and MNKD could end up repurchasing the Danbury building. Danbury would continue to support Tyvaso DPi as a backup supply source.