MannKind and Blackstone Announce up to $500 Million Strategic Financing Agreement

Core Viewpoint - MannKind Corporation has entered into a strategic financing agreement with Blackstone, providing up to $500 million in non-dilutive capital to support its growth strategies and commercial initiatives [1][2]. Group 1: Financing Details - MannKind will receive an initial $75 million in cash at closing, with a total financing facility of up to $500 million [1]. - The financing includes a $125 million delayed draw term loan (DDTL) available over the next 24 months, and an additional $300 million uncommitted DDTL subject to mutual consent [2]. - The facility bears interest at a SOFR variable rate plus 4.75%, with potential increases based on leverage ratios, and matures in August 2030 without scheduled amortization payments [2]. Group 2: Strategic Implications - The funding will enhance MannKind's operational flexibility and support the expansion of its commercial team in anticipation of the pediatric indication for Afrezza, pending approval [2]. - The capital will also facilitate continued pipeline advancement and potential business development opportunities [2]. - Blackstone's involvement is expected to provide MannKind with access to a value creation platform and life sciences expertise, aiding in commercialization efforts [2]. Group 3: Company Overview - MannKind Corporation focuses on developing and commercializing inhaled therapeutic products for endocrine and orphan lung diseases [3]. - The company aims to address serious unmet medical needs through innovative dry-powder formulations and inhalation devices [4].