I don't know how to differentiate the value when the company is bought versus a joint venture or partnership. Both an acquiring company and a partner will do the marketing. Under the acquisition, the acquirer does the manufacturing and will likely use Mannkind's Conn. facility. Under a partnership, Mannkind does the manufacturing using the same facility. The projected stream of revenue from Afrezza is the same either way and hence Afrezza's value is the same either way. The only thing that changes is how the revenue is shared. The difference is that Mannkind shareholders retain some risk (and likely greater potential return) with a joint venture. With acquisition, Mankind shareholders shift risk to the acquiring company in exchange for a more immediate (and probably lower) return.
