MannKind’s Strategic Acquisition: The Integration of scPharmaceuticals and Its Future

The investment landscape for scPharmaceuticals shifted fundamentally in October 2025, following its acquisition by MannKind Corporation. The company now operates as a wholly-owned subsidiary, with its shares no longer trading independently. Investor attention has pivoted to the integration process, particularly concerning the flagship product FUROSCIX, and the specific terms that structured the deal.

Finalized on October 7, 2025, the acquisition provided former scPharmaceuticals shareholders with a cash payment of $5.35 per share. A key component of the agreement was the issuance of a non-tradable Contingent Value Right (CVR) for each share held. This CVR holds additional potential value, offering up to $1.00 per right. However, this payout is contingent upon the achievement of predefined milestones related to regulatory progress and specific net sales targets for FUROSCIX.

Expanding the Commercial Horizon for FUROSCIX

Central to the acquisition's rationale is FUROSCIX, a portable subcutaneous infusion pump designed to treat fluid overload in patients with chronic heart failure. The drug's market potential received a significant boost in March 2025, prior to the acquisition, when the U.S. FDA broadened its label. This expansion now includes the treatment of edema in patients suffering from chronic kidney disease. A primary question for MannKind is how effectively it can capitalize on this enlarged addressable market.

Should investors sell immediately? Or is it worth buying scPharmaceuticals?

Key Investor Milestones for the Coming Year

Looking ahead, two critical events in 2026 are poised to shape the investment narrative. First, the U.S. FDA is expected to rule on the FUROSCIX ReadyFlow Autoinjector by July 2026. This new delivery system promises to substantially reduce administration time, a development that could greatly enhance patient convenience and market adoption.

Secondly, on February 25, 2026, MannKind will release its fourth-quarter and full-year 2025 financial results. This report will be scrutinized by the market as it will provide the first comprehensive look at FUROSCIX's commercial performance under MannKind's stewardship and offer insights into the progress of the broader integration effort.