** Shares of drugmaker scPharmaceuticals SCPH.O rise 13.2% to $5.48 premarket

** Biotech firm MannKind Corp's MNKD.O to buy scPharmaceuticals in a deal valued up to $360 million, companies say

** MNKD's shares fall 2% to $4.03 premarket

** Under the deal, MNKD will pay $5.35 per share upfront in cash, plus offer a non-tradable CVR worth up to $1 per share if certain regulatory and sales milestones are met

** The deal will allow MannKind to expand its portfolio beyond orphan lung diseases

** SCPH brings Furoscix, an FDA-approved on-body infuser to treat adults with chronic heart failure and kidney disease with over $10 billion market opportunity in U.S., according to the companies

** The transaction is expected to close in Q4

** Up to last close, MNKD down 36.1%, while SCPH up 37% YTD

(Reporting by Siddhi Mahatole)

((siddhi.mahatole@thomsonreuters.com))