Eli Lilly, Sanofi and a lesser-known company could be in play:

One Other Player

While the rejection of Tresiba and Ryzodeg put the focus on long-acting insulin, it’s not necessarily a forgone conclusion that long-acting insulins are deemed to be the best fit for diabetes patients. What if a convenient delivery method — regardless of how long it lasts — was the bigger need?

Enter MannKind (NASDAQ:MNKD).

MannKind is developing an inhaled mealtime insulin called Afrezza. Like Novo Nordisk’s drugs, it was widely assumed Afrezza would be approved in early 2011, but also like Novo’s drugs, the FDA sent Afrezza back for more testing. Though the market has heard little about the company since then, with Novo out of the limelight for a while, there might be room for one more player to step up and fill the void. MannKind is of particular interest right now simply because it’s going to be in front of the FDA again sometime in late 2013, or more realistically, early 2014.

While Eli Lilly and Novo Nordisk are getting ready to do battle in the long-lasting insulin market, MannKind could sneak in and win over patients with convenience, and fewer side effects.

http://investorplace.com/2013/02/winners-after-novo-nordisks-insulin-rejection/