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MannKind To Offer 8 Million Shares, Agrees To Share Lending Pact

DOW JONES NEWSWIRES MannKind Corp. (MNKD) announced Monday that it would offer up to 8 million shares, as the biopharmaceutical company said it would enter into a share-lending agreement with Bank of America Corp. (BAC). Shares of the company, which develops and markets therapeutic products to treat diabetes, cancer and other diseases, fell 6.9% to $6.35 in after-hours trading. As of Monday's close, the stock is down 22% in the year to date. Bank of America's Merrill Lynch intends to sell the borrowed shares in the common stock offering and to use the resulting short position to facilitate short sales and privately negotiated derivative transactions by which some investors in a concurrent offering of $100 million of notes due in 2015 may hedge their investment in the notes. MannKind won't receive any proceeds from the offering, but will receive a one-time loan fee. Bank of America will be required to return the borrowed shares pursuant to the terms of the lending agreement. The news came after MannKind last week said it planned to issue as many as 36.4 million shares in separate deals to Mann Group LLC and private investment firm Seaside 88 LP as it works to reduce its debt. The company recently had about 114 million shares outstanding. -By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com

Stock News for Mannkind (MNKD)
DateTimeHeadline
04/27/201512:31:32Current Report Filing (8-k)
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04/27/201507:02:10MannKind Corporation: Past, Present, and Future
04/24/201508:02:0310 Most Hated Companies in Healthcare
04/21/201513:06:023 Questions to Ask Before You Buy a Biotech Stock
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04/13/201506:06:41Additional Proxy Soliciting Materials (definitive) (defa14a)
04/10/201511:42:51Proxy Statement (definitive) (def 14a)
04/08/201511:59:02MannKind Corporation Shares Were Rocked in March -- Here's Why
04/05/201507:02:025 Big Losers if the Supreme Court Strikes Down Federal Obamacare...
04/03/201516:00:00Seeking Alpha's Biotech Weekly: Billion Dollar Deals, Gilead...
03/31/201519:43:15Statement of Changes in Beneficial Ownership (4)
03/26/201508:02:02Investors' Love/Hate Relationship with MannKind Corp. Stock
03/23/201509:31:24Early Adopters Embrace Afrezza, As New Inhaled Insulin Enters...
03/22/201510:12:06Did Researchers Just Unlock a Type 1 Diabetes Cure?
03/22/201509:13:08Did Researchers Just Unlock a Type 1 Diabetes Cure?
03/22/201508:01:02Confessions of a Value Investor Stuck in a High-Growth Industry
03/09/201509:07:31Mannkind: Flawed? No Competition? Overall Superior Drug?
03/06/201517:42:20After Hours Gainers / Losers
03/06/201508:37:27Statement of Changes in Beneficial Ownership (4)

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