According to MannKind Corporation, Hakan Edstrom has taken over as CEO after company founder Alfred Mann stepped down from that position effective January 9, 2015. Mann will become the Executive Chairman and “intends to remain engaged with the company in business matters, including those relating to development and financing of MannKind’s future therapies,” the company said.
In August 2014, MannKind announced that it had licensed Afrezza inhaled insulin to Sanofi. Afrezza was approved by the FDA in June 2014 and is expected to launch in the US in the first quarter of this year.
Mann commented, “I am extremely proud of all that has come to fruition at MannKind. Together with my colleagues, we have built a truly unique biopharmaceutical company with an incredibly bright future. With the commercialization of Afrezza well underway and the future potential of the Technosphere platform being actively explored for additional products, the timing is right for me to step back from CEO. I have the upmost confidence in Hakan and the entire executive team who have already made great strides in achieving key milestones in bringing Afrezza through development and into commercialization. Hakan’s ability to manage and grow actively marketed products while guiding the development of potential blockbuster therapies make him an ideal fit for MannKind’s next chapter of success.”
Edstrom, who has served as President of MannKind since 2001 and will continue in that role, said, “I am honored to succeed Al, an industry icon I have long admired. I want to personally thank him for his tireless work in bringing his vision to the market and guidance over the years. Bringing to the world an effective inhalable insulin with unique pharmacokinetic properties is another standout accomplishment in a long list of Al’s remarkable achievements. I am truly excited to lead MannKind at this critical juncture as the company anticipates the launch of its first therapy and looks to move ahead with other blockbuster therapies enabled by its powerful Technosphere platform. The company is well positioned to deliver for its stakeholders worldwide.”
MannKind also recently announced that it has earned $50 million in payments related to manufacturing milestones from Sanofi. The company is eligible for up to $725 million in additional milestones.
Read the MannKind press release on the leadership change.
Read the MannKind press release on the milestone payment.
