MannKind Secures $500 Million Financing Deal with Blackstone to Boost Growth

MannKind and Blackstone to Initiate a Financing Agreement

Announcement

MannKind Corporation is a pioneer in the development and commercialization of inhaled therapeutic products and device delivery systems for patients with endocrine and orphan lung diseases. MannKind’s funds are managed by Blackstone, and it has signed a $500 million financing agreement. The financing agreement will enable mankind to capitalize on non-dilutive funding to enhance its short and long-term strategies to reach certain growth. This financial initiative will strengthen the efforts and strategies to circulate the company’s idea across the vast healthcare market. It will be a huge support to the internal operations as well as to execute the task and help prioritize work at the first stage of strategy building.

About the Financing Agreement

The $500 million senior secured credit facilities include $75 million initial term loan, closed at funding of $125 million late draw term loan (DDTL). This loan will be available for the next 24 months, titled to customary drawdown conditions, and $300 million unofficial DDTL available on mutual consent from both companies. This facility includes interest at a calculated SOFR variable rate + 4.75%. This is assumed to increase by 25 basis points in the increase of the ratio of cases. The facility will be officially effective from August 2030 and will not enable any scheduled amortization payments throughout the term.

Views and Statements from Company Experts

PharmD Chief Executive Officer of mankind corporation, Michael Castagna, said, “This smart financing prominently elevated our operations flexibly and enabled us to increasingly initiate access to non-dilutive capital in favorable terms, contrasting our robust cash position. The funding will contribute to the extension of our marketing team in preparation for our grant launch of the pediatric indication for Afrezza, once approved. It will consistently advance our pipeline, ability to gain business development opportunities, and generalize corporate intentions. The partnership with the Blackstone team on this transactional position helped us to leverage our next step of innovation and growth.”

Managing director at Blackstone Credit & Insurance, Jonathan Brayman, said, “MannKind has a powerful marketing track record, excellent product portfolio, and commendable management team. This valuable financing will deliver capital to help mannkind’s growth initiatives while trusting Blackstone as a reliable long-term partner to the company. We believe the availability of our valuable platform and deep understanding of life sciences expertise will contribute immensely to mannkind’s marketizing efforts, also to its inorganic and organic pipeline."