MannKind Corp. has signed an agreement with a French company to manufacture insulin for Afrezza, the company’s inhalable insulin that was approved in June for sale in the United States.
Under the agreement, Amphastar France Pharmaceuticals S.A.S. will make recombinant human insulin for use in Afrezza from 2015 to 2019. The minimum order is for $161 million in insulin during the five-year period.
The agreement was disclosed in a regulatory filing after markets closed on Tuesday. Shares of MannKind earlier closed down 16 cents, or 1.9 percent. to $8.15 on the Nasdaq.
Tutor Perini Corp. announced mixed earnings on Tuesday that disappointed the market.
The Sylmar construction company reported net income of $28.5 million (58 cents a share) for the second quarter ended June 30, compared to $15.5 million (32 cents) for the same quarter last year. Revenue increased 3 percent to $1.08 billion.
The results exceeded analysts average net income estimate of 48 cents but missed revenue expectations of $1.15 billion, according to Thompson Financial Network.
Company attributed its higher net income to more business in its civil engineering segment and high-than-expected recoveries from settled lawsuits. Also, in the last year the company increased its order backlog by nearly 18 percent to $7.8 billion.
Shares closed down 48 cents, or 1.7 percent, to $27.24 on the New York Stock Exchange.
DineEquity Inc. has declared a quarterly dividend of 75 cents a share.
The Glendale operator of the Applebees’s and IHOP restaurant chains will pay the dividend Sept. 26 to shareholders of record as of Sept. 10.
The company last week reported a 12 percent jump in net income to $18.9 million and an increase in revenue of 1.5 percent to $1.60.5 billion in the second quarter.
Shares closed up 32 cents, or a fraction of 1 percent, to $81.22 on the New York Stock Exchange.