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

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

Benzinga
August 6, 2025

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 ...

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