Mannkind Corporation Closes Sale-Leaseback Transaction Generating $102.25 Million in Non-Dilutive Gross Proceeds

Rhea-AI Summary

MannKind Corporation (Nasdaq: MNKD) announced the completion of a sale-leaseback transaction that generated $102.25 million in non-dilutive gross proceeds on November 8, 2021. This deal involves the sale of 263,900 square feet of manufacturing space in Danbury, Conn., while MannKind retains operational control of its facilities. The company manufactures Afrezza^® (inhaled insulin) and Tyvaso DPI™ (inhaled treprostinil) at this location. MannKind also signed a 20-year lease with renewal options, allowing continued operations without the burden of ownership.

Positive

• Generated $102.25 million in non-dilutive gross proceeds.
• Maintains operational control over its Danbury manufacturing facility.
• Long-term lease agreement with multiple renewal options.

Negative

• None.

WESTLAKE VILLAGE, Calif. and DANBURY, Conn., Nov. 09, 2021 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq: MNKD), a company focused on the development and commercialization of inhaled therapeutic products for patients with endocrine and orphan lung diseases, announced the closing on November 8, 2021, of its previously announced sale-leaseback transaction with an affiliate of Creative Manufacturing Properties. The transaction results in $102.25 million in non-dilutive gross proceeds to MannKind. Simultaneous with closing of the purchase and sale agreement, MannKind entered into a 20-year lease agreement with the purchaser, with multiple renewal options available.

The real property sale includes 263,900 square feet of manufacturing space at 1 Casper Street in Danbury, Conn. (commonly known as Building 1), but does not include MannKind’s research and development facility (commonly known as Building 8). MannKind will continue to be the sole operator of the entire Connecticut facility. This location is where MannKind produces Afrezza^® (insulin human) Inhalation Powder, the company’s first FDA-approved product and the only inhaled ultra rapid-acting mealtime insulin in the United States. It is also where MannKind manufactures Tyvaso DPI™ (inhaled treprostinil) under its collaboration with United Therapeutics.

About MannKind Corporation
MannKind Corporation (Nasdaq: MNKD) focuses on the development and commercialization of inhaled therapeutic products for patients with endocrine and orphan lung diseases. MannKind is currently commercializing Afrezza^® (insulin human) Inhalation Powder, the Company’s first FDA-approved product and the only inhaled ultra rapid-acting mealtime insulin in the United States, where it is available by prescription from pharmacies nationwide. Afrezza is also available by prescription in Brazil, where it is commercialized by the Company’s partner, Biomm SA. MannKind was established in 1991, and is headquartered in Westlake Village, Calif., with a manufacturing and R&D facility based in Danbury, Conn. The Company also employs field sales and medical representatives across the U.S. Please visit mannkindcorp.com to learn more.

AFREZZA is a registered trademark of MannKind Corporation.

TYVASO DPI is a trademark of United Therapeutics Corporation.

FAQ

What was MannKind Corporation's recent financial transaction?

MannKind Corporation completed a sale-leaseback transaction, raising $102.25 million in non-dilutive gross proceeds.

How much manufacturing space did MannKind sell?

MannKind sold 263,900 square feet of manufacturing space located in Danbury, Conn.

What does MannKind Corporation manufacture at its Danbury facility?

MannKind manufactures Afrezza^® (inhaled insulin) and Tyvaso DPI™ (inhaled treprostinil) at its Danbury facility.

What type of lease agreement did MannKind enter into?

MannKind entered into a 20-year lease agreement with multiple renewal options for the sold manufacturing space.

When was the sale-leaseback transaction completed?

The sale-leaseback transaction was completed on November 8, 2021.