Shares of MannKind were up nearly 30% in pre-market trade after the company announced a development agreement with Sanofi for its inhaled insulin treatment Afrezza.

The deal nets MannKind a $150 million payment upfront and potential milestone payments of up to $775 million. 

Under the agreement, Sanofi is responsible for global commercial, regulatory and development activities, while Mannkind will make Afrezza at its Danbury, Connecticut facility. Sanofi will retain 65% of profits on Afrezza with MannKind keeping 35%. 

The deal comes just seven weeks after MannKind received FDA approval for Afrezza.

Excluding Monday's pre-market rally, MannKind shares, which are among the most shorted stocks in the market, were up more than 56% year-to-date. 

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