MannKind Corporation announced a strategic financing agreement with Blackstone that will provide the company with a $75 million loan initially, with a total potential of up to $500 million. MannKind said that the agreement was made in preparation for commercialization of Afrezza inhaled insulin for pediatric use if approved for that indication and other purposes. Afrezza was approved in the US for the treatment of Type 1 and Type 2 diabetes in adults in 2014.
According to the study record on clinicaltrials.com, the Phase 3 INHALE-1 trial of Afrezza in pediatric patients, which was initiated in 2021, was completed in May 2025. The company reported 6-month data from the study in December 2024.
In addition to Afrezza, MannKind’s inhalation products include Tyvaso treprostinil DPI, which is marketed by United Therapeutics; clofazamine inhalation suspension, which is in Phase 3 development for the treatment of NTM; and a nintedanib DPI in Phase 1 development for the treatment of IPF.
MannKind CEO Michael Castagna commented, “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. 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.”
Blackstone Credit & Insurance Managing Director Jonathan Brayman said, “MannKind has a strong commercial track record, diversified product portfolio, and exceptional management team. 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.”
Read the MannKind Corporation press release
