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MannKind to receive up to $160mm in debt financing from Deerfield Management
29 Jun 2017
Deerfield Management has agreed to purchase up to $160mm in six-year 9.75% senior secured convertible notes from MannKind Corp. to fund regulatory and commercial activities for the company’s Afrezza inhaled insulin. The financing consists of an up-front payment of $40mm and three $40mm tranches to be received on the following milestones: upon the release of certain Phase III trial results; concurrent with repayment of MannKind’s 3.75% senior convertible notes due 2013; and following FDA approval of Afrezza. In addition, Deerfield paid MannKind $18.9mm in return for rights to receive up to $90mm in strategic and sales milestones relating to the drug.
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