Blackstone Tacks on $175 Million to Back MannKind’s Acquisition

Blackstone Inc. has agreed to provide an additional $175 million delayed-draw term loan to support pharmaceutical manufacturer MannKind Corp.’s proposed acquisition of scPharmaceuticals Inc., according to a filing Monday.

• The use of additional capital is exclusively to cover fees, premiums, expenses and other merger-related costs
• To tap the financing, MannKind will have to repay scPharmaceuticals’ debt facility from Perceptive Credit Holdings and buy out Perceptive’s rights to receive revenue payments
  • That repayment and buyout is expected to total $81 million, according to the filing
• Earlier this month, funds managed by Blackstone agreed to provide as much as $500 ...