MannKind and Blackstone Announce up to $500 Million Strategic Financing Agreement
MannKind Corporation (Nasdaq: MNKD) has secured a strategic financing agreement worth up to $500 million with Blackstone. The deal includes a $75 million initial term loan at closing, a $125 million delayed draw term loan available for 24 months, and an additional $300 million uncommitted DDTL.
The non-dilutive financing, maturing in August 2030, bears interest at SOFR plus 4.75%. The funds will support MannKind's growth initiatives, including the commercial team expansion for Afrezza's potential pediatric indication, pipeline advancement, and business development opportunities.
MannKind Corporation (Nasdaq: MNKD) ha ottenuto un accordo di finanziamento strategico fino a 500 milioni di dollari con Blackstone. L'intesa prevede un prestito a termine iniziale di 75 milioni di dollari al momento della chiusura, un prestito a termine con prelievo ritardato di 125 milioni di dollari disponibile per 24 mesi e un ulteriore prestito a termine con prelievo ritardato non vincolante di 300 milioni di dollari.
Il finanziamento non diluitivo, con scadenza ad agosto 2030, prevede un interesse basato su SOFR pi霉 il 4,75%. I fondi sosterranno le iniziative di crescita di MannKind, inclusa l'espansione del team commerciale per la possibile indicazione pediatrica di Afrezza, lo sviluppo della pipeline e le opportunit脿 di sviluppo commerciale.
MannKind Corporation (Nasdaq: MNKD) ha asegurado un acuerdo estrat茅gico de financiamiento por hasta 500 millones de d贸lares con Blackstone. El acuerdo incluye un pr茅stamo a plazo inicial de 75 millones de d贸lares al cierre, un pr茅stamo a plazo con retiro diferido de 125 millones de d贸lares disponible durante 24 meses y un pr茅stamo adicional con retiro diferido no comprometido de 300 millones de d贸lares.
El financiamiento no dilutivo, con vencimiento en agosto de 2030, tiene un inter茅s de SOFR m谩s 4.75%. Los fondos apoyar谩n las iniciativas de crecimiento de MannKind, incluyendo la expansi贸n del equipo comercial para la posible indicaci贸n pedi谩trica de Afrezza, el avance de la cartera de productos y las oportunidades de desarrollo comercial.
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MannKind Corporation (Nasdaq : MNKD) a conclu un accord de financement strat茅gique d'une valeur pouvant atteindre 500 millions de dollars avec Blackstone. L'accord comprend un pr锚t 脿 terme initial de 75 millions de dollars 脿 la cl么ture, un pr锚t 脿 terme 脿 tirage diff茅r茅 de 125 millions de dollars disponible pendant 24 mois, ainsi qu'un pr锚t additionnel 脿 tirage diff茅r茅 non engag茅 de 300 millions de dollars.
Ce financement non dilutif, arrivant 脿 茅ch茅ance en ao没t 2030, porte un int茅r锚t bas茅 sur le SOFR plus 4,75 %. Les fonds soutiendront les initiatives de croissance de MannKind, notamment l'expansion de l'茅quipe commerciale pour l'indication p茅diatrique potentielle d'Afrezza, l'avancement du pipeline et les opportunit茅s de d茅veloppement commercial.
MannKind Corporation (Nasdaq: MNKD) hat eine strategische Finanzierungsvereinbarung mit Blackstone 眉ber bis zu 500 Millionen US-Dollar abgeschlossen. Der Vertrag umfasst einen 75 Millionen US-Dollar Anfangsdarlehen bei Vertragsabschluss, ein 125 Millionen US-Dollar verz枚gertes Ziehungsdarlehen, das 24 Monate verf眉gbar ist, sowie ein zus盲tzliches 300 Millionen US-Dollar unverbindliches DDTL.
Die nicht verw盲ssernde Finanzierung mit F盲lligkeit im August 2030 tr盲gt einen Zinssatz von SOFR plus 4,75 %. Die Mittel werden MannKinds Wachstumsinitiativen unterst眉tzen, darunter die Erweiterung des Vertriebsteams f眉r die potenzielle p盲diatrische Indikation von Afrezza, die Weiterentwicklung der Pipeline und Gesch盲ftsentwicklungsm枚glichkeiten.
- Secured up to $500 million in non-dilutive financing
- Immediate access to $75 million at closing with additional $125 million available over 24 months
- Long-term maturity until August 2030 with no scheduled amortization payments
- Strategic partnership with Blackstone provides access to their life sciences expertise
- Funding supports commercial expansion for potential Afrezza pediatric indication
- Variable interest rate exposure at SOFR plus 4.75%, with potential 25bps increase
- Senior secured credit facility may encumber company assets
- $300 million portion of facility requires mutual consent and is not guaranteed
Insights
Blackstone's $500M financing provides MannKind significant non-dilutive capital, strengthening financial flexibility without shareholder dilution.
MannKind's strategic financing agreement with Blackstone represents a significant capital infusion that substantially improves the company's financial position. The $500 million senior secured credit facility provides immediate access to $75 million at closing, with an additional $125 million available over the next 24 months and a potential $300 million more subject to mutual agreement.
The non-dilutive nature of this financing preserves shareholder equity while substantially expanding MannKind's financial flexibility. The 5-year term (maturing August 2030) with no scheduled amortization payments creates a favorable repayment structure that minimizes near-term cash flow pressure. The interest rate of SOFR plus 4.75% represents reasonable terms in the current market for a commercial-stage biopharmaceutical company.
This deal strategically addresses multiple growth initiatives simultaneously: expanding the commercial team for the potential Afrezza pediatric indication, advancing pipeline development, and creating a war chest for potential acquisitions. The lack of dilution is particularly valuable given current market conditions where equity-based financing might be less attractive.
Beyond capital, Blackstone's expertise in life sciences creates an intangible partnership value that may accelerate MannKind's commercial efforts. For a company focused on specialized inhaled therapeutics, having access to Blackstone's network and commercialization expertise could significantly enhance market penetration strategies and business development opportunities.
- Strengthens MannKind鈥檚 capital structure with flexible, long-term, non-dilutive funding
- MannKind to receive
$75 million in cash at closing
DANBURY, Conn. and WESTLAKE VILLAGE, Calif. and NEW YORK, Aug. 06, 2025 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq: MNKD), a company focused on the development and commercialization of inhaled therapeutic products and delivery devices for patients with endocrine and orphan lung diseases, and funds managed by Blackstone (鈥淏lackstone鈥�) today announced that they have entered into an up to
鈥淭his strategic financing significantly increases our operating flexibility and provides us substantial access to non-dilutive capital on favorable terms, complementing our strong cash position,鈥� said Michael Castagna, PharmD, Chief Executive Officer of MannKind Corporation. 鈥淭he funding will support the expansion of our commercial team in preparation for the anticipated launch of the pediatric indication for Afrezza, if approved, continued pipeline advancement, potential business development opportunities, and general corporate purposes. Partnering with the Blackstone team on this transaction positions us to accelerate our next phase of growth and innovation.鈥�
"MannKind has a strong commercial track record, diversified product portfolio, and exceptional management team," said Jonathan Brayman, Managing Director at Blackstone Credit & Insurance. "This strategic financing provides flexible capital to support MannKind鈥檚 growth initiatives while positioning Blackstone as a long-term partner to the company. We believe access to our value creation platform and deep bench of life sciences expertise will support MannKind鈥檚 commercialization efforts, as well as its organic and inorganic pipeline.鈥�
The up to
About MannKind
MannKind Corporation聽(Nasdaq: MNKD) focuses on the development and commercialization of innovative inhaled therapeutic products and devices to address serious unmet medical needs for those living with endocrine and orphan lung diseases.
We are committed to using our formulation capabilities and device engineering prowess to lessen the burden of diseases such as diabetes, nontuberculous mycobacterial (NTM) lung disease, pulmonary fibrosis, and pulmonary hypertension.聽Our signature technologies 鈥� dry-powder formulations and inhalation devices 鈥� offer rapid and convenient delivery of medicines to the deep lung where they can exert an effect locally or enter the systemic circulation, depending on the target indication.
With a passionate team of Mannitarians collaborating nationwide, we are on a mission to give people control of their health and the freedom to live life.
Please visit to learn more, and follow us on , , or .
About Blackstone
Blackstone is the world鈥檚 largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone鈥檚
Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements about: financing plans, cash position, business development initiatives, commercial team expansion, the potential launch of the pediatric indication for Afrezza, if approved, the expected benefits of the senior secured credit facility, the ability of MannKind to drawdown the
AFREZZA and MANNKIND are registered trademarks of MannKind Corporation.
For MannKind: Investor Relations Ana Kapor (818) 661-5000 [email protected] Media Relations Christie Iacangelo (818) 292-3500 [email protected] For Blackstone: Thomas Clements [email protected] (646) 482-6088
FAQ
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