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MannKind Corp. on Tuesday announced the termination of its licensing pact with Sanofi-Aventis in the U.S. for the development and sale of its inhaled insulin product Afrezza and signaled that it might look to sell the drug. Shares of the company tumbled 27% in midday trading. Over the past three months, shares have dropped 67%, including Tuesday’s decline. (Beilfuss, 1/5)

Hours after MannKind Corp. announced on Tuesday that Sanofi had pulled out of an agreement to license its Afrezza inhaled insulin, a MannKind executive said the Valencia company does not plan to sell the drug and will seek a new marketing partner. (Darmiento, 1/5)

Over seven decades, billionaire Alfred Mann has founded 17 companies, including ones that help the blind see and the deaf hear. Along the way, he's built a fortune that at one point topped $2 billion, but in what could be his final act, the 90-year-old biotech entrepreneur has stumbled. His latest big venture, a treatment that lets diabetics inhale their insulin instead of injecting it, has been a huge disappointment. (Rufus Koren, 1/6)