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

San Diego – August 6, 2025 – Cooley advised 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, on an up to $500 million strategic financing agreement with funds managed by Blackstone. 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.

Partners Mischi a Marca and Adam Longenbach led the Cooley team advising MannKind.

Cooley previously advised MannKind on its $193.7 million note-for-stock exchange transaction in December 2024, up to $200 million royalty purchase agreement with Sagard Healthcare in December 2023 and $200 million convertible notes offering in March 2021.

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