MannKind Corporation Secures Up to $500 Million Strategic Financing Agreement with Blackstone

MannKind Corporation secures up to $500 million in strategic financing from Blackstone, enhancing capital structure for growth initiatives.

Quiver AI Summary

MannKind Corporation has entered into a strategic financing agreement with Blackstone that could provide up to $500 million to support its growth initiatives. The agreement includes an initial $75 million term loan at closing and additional potential funds through delayed draw loans. This non-dilutive capital will help MannKind enhance its commercial team in preparation for the potential pediatric indication launch of its product, Afrezza, and advance its pipeline and corporate objectives. The partnership is expected to leverage Blackstone's expertise to further MannKind's commercialization efforts. The financing facility matures in August 2030 and offers favorable terms with no scheduled amortization payments during its term.

Potential Positives

Strengthens MannKind's capital structure with up to $500 million in strategic financing, providing non-dilutive funding for growth.
Initial $75 million cash injection enhances operating flexibility and supports expansion initiatives, including the anticipated launch of the pediatric indication for Afrezza.
Partnership with Blackstone, a leading asset manager, positions MannKind for accelerated growth and innovation through access to life sciences expertise.
The flexible credit facility structure allows for significant future capital access with no scheduled amortization payments until maturity in August 2030.

Potential Negatives

The press release highlights the potential for significant risks related to the availability of delayed draw term loans (DDTLs), which are contingent on meeting specific drawdown conditions and obtaining consent from Blackstone.
The statement regarding the anticipated launch of the pediatric indication for Afrezza is contingent on regulatory approval, which introduces uncertainty and risk to the company's future revenue projections.
The variable interest rate structure, which can increase under certain conditions, could lead to higher financial expenses for MannKind in the future, impacting their overall financial health.

FAQ

What is MannKind's recent funding agreement with Blackstone?

MannKind has entered into a strategic financing agreement with Blackstone, providing up to $500 million in non-dilutive capital for growth.

How much cash will MannKind receive at closing?

MannKind will receive $75 million in cash at the closing of the financing agreement.

What will MannKind use the funding for?

The funding will support team expansion, product development, and overall corporate purposes, including the potential launch of Afrezza's pediatric indication.

What are the terms of MannKind's financing facility?

The facility includes a $75 million initial loan, a $125 million delayed draw loan, and a possible additional $300 million, maturing in August 2030.

What are MannKind's core product focuses?

MannKind specializes in developing inhaled therapeutic products for diseases such as diabetes and orphan lung diseases using innovative delivery devices.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$MNKD Insider Trading Activity

$MNKD insiders have traded $MNKD stock on the open market 7 times in the past 6 months. Of those trades, 0 have been purchases and 7 have been sales.

Here’s a breakdown of recent trading of $MNKD stock by insiders over the last 6 months:

STEVEN B. BINDER has made 0 purchases and 4 sales selling 231,674 shares for an estimated $982,304.
DAVID THOMSON (EVP Genl Counsel & Secretary) has made 0 purchases and 3 sales selling 41,990 shares for an estimated $190,355.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$MNKD Hedge Fund Activity

We have seen 111 institutional investors add shares of $MNKD stock to their portfolio, and 111 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

UBS GROUP AG added 3,260,059 shares (+98.8%) to their portfolio in Q1 2025, for an estimated $16,398,096
MILLENNIUM MANAGEMENT LLC added 2,375,198 shares (+68.9%) to their portfolio in Q1 2025, for an estimated $11,947,245
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP removed 2,171,180 shares (-44.4%) from their portfolio in Q1 2025, for an estimated $10,921,035
QUBE RESEARCH & TECHNOLOGIES LTD added 1,696,034 shares (+109.8%) to their portfolio in Q1 2025, for an estimated $8,531,051
GRAHAM CAPITAL MANAGEMENT, L.P. removed 1,501,385 shares (-94.4%) from their portfolio in Q1 2025, for an estimated $7,551,966
VANGUARD GROUP INC added 1,263,622 shares (+7.9%) to their portfolio in Q1 2025, for an estimated $6,356,018
NITORUM CAPITAL, L.P. removed 961,614 shares (-11.0%) from their portfolio in Q1 2025, for an estimated $4,836,918

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

$MNKD Analyst Ratings

Wall Street analysts have issued reports on $MNKD in the last several months. We have seen 2 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

RBC Capital issued a "Outperform" rating on 07/23/2025
Mizuho issued a "Outperform" rating on 04/10/2025

To track analyst ratings and price targets for $MNKD, check out Quiver Quantitative's $MNKD forecast page.

$MNKD Price Targets

Multiple analysts have issued price targets for $MNKD recently. We have seen 3 analysts offer price targets for $MNKD in the last 6 months, with a median target of $9.0.

Here are some recent targets:

Douglas Miehm from RBC Capital set a target price of $8.0 on 07/23/2025
Brandon Folkes from HC Wainwright & Co. set a target price of $9.0 on 07/16/2025
An analyst from Mizuho set a target price of $12.0 on 04/10/2025

Full Release

Strengthens MannKind’s 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 (“Blackstone”) today announced that they have entered into an up to $500 million strategic financing agreement. The financing agreement provides MannKind with non-dilutive capital to advance its short- and long-term growth strategies.

“This strategic financing significantly increases our operating flexibility and provides us substantial access to non-dilutive capital on favorable terms, complementing our strong cash position,” said Michael Castagna, PharmD, Chief Executive Officer of MannKind Corporation. “The 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.”

"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’s 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’s commercialization efforts, as well as its organic and inorganic pipeline.”

The up to $500 million senior secured credit facility consists of a $75 million initial term loan funded at closing, a $125 million delayed draw term loan (DDTL) available for the next 24 months, subject to customary drawdown conditions, and an additional $300 million uncommitted DDTL available at the mutual consent of MannKind and Blackstone. The facility bears interest at a calculated SOFR variable rate plus 4.75% (which may be increased by 25 basis points if a total leverage ratio is exceeded). The facility matures in August 2030 and does not provide for scheduled amortization payments during the term.

About MannKind
MannKind Corporation (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. Our signature technologies – dry-powder formulations and inhalation devices – 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 mannkindcorp.com to learn more, and follow us on LinkedIn , Facebook , X or Instagram .

About Blackstone
Blackstone is the world’s 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’s $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at https://www.blackstone.com/ . Follow @blackstone on LinkedIn , X (Twitter) , and Instagram .

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 $125 million DDTL, and the availability of the $300 million additional DDTL. These statements involve risks and uncertainties. Words such as “believes”, “anticipates”, “plans”, “expects”, “intends”, “will”, “goal”, “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon MannKind’s current expectations. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the risk that the DDTLs may not be available to MannKind due to failure to meet required drawdown conditions or the inability to obtain consent from Blackstone, the risk that issues that develop in the preparation of data releases and filings may subject us to unanticipated delays, risks associated with the regulatory review process as well as other risks detailed in MannKind’s filings with the Securities and Exchange Commission (SEC), including under the “Risk Factors” heading of its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, filed with the SEC on August 6, 2025. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and MannKind undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.

AFREZZA and MANNKIND are registered trademarks of MannKind Corporation.