MannKind said today it will license its formulation and delivery technology to startup Receptor Life Sciences to develop multiple inhaled therapeutic products for conditions that include chronic pain, neurologic diseases, and inflammatory disorders.

The deal could generate for MannKind up to $102.25 million in payments tied to achieving development and commercialization milestones, as well as mid-single to low double-digit royalties on net sales of products developed through the collaboration.

MannKind agreed to perform initial formulation studies, as well as work with Receptor to develop inhaled formulations of undisclosed compounds. It also agreed to transfer manufacturing technology to Receptor, which agreed to oversee manufacturing and commercialization activities.

The announcement offered little detail about Receptor, saying only that the company is based in Seattle and “is quietly laying the foundation for groundbreaking new products in the specialty pharmaceutical market.”

The partners did say they will collaborate on clinical development of investigational products, with Receptor agreeing to be responsible for all development costs.

“This collaboration demonstrates the fundamental value of our platform technology while the risk-sharing structure of the transaction allows us to diversify our product opportunities without losing focus on our lead program,” MannKind CEO Matthew Pfeffer said in a statement.

Pfeffer was named MannKind’s CEO effective January 10 after the man previously appointed to the position, Duane M. DeSisto, was unable to accept. DeSisto’s former employer, Insulet, complained that its non-competition agreement with DeSisto, which runs until September 17, 2016, would have been violated had he begun work for MannKind.

Pfeffer succeeded interim CEO and founder Alfred Mann, who returned to the helm in November following the resignation of Hakan Edstrom as president, CEO and director.

The resignation contributed to a troubled few months for the company, capped in January by Sanofi terminating an up-to-$925 million worldwide exclusive licensing agreement with MannKind for the inhaled insulin Afrezza® after sales failed to match expectations.

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