Biotech, Financing, Pharma

Deerfield buys second tranche of MannKind convertible notes in ongoing financing

Posted on 19 August 2013

Tags: , , ,

Deerfield has bought $40 million of convertible notes in a second tranche of debt financing with MannKind.

MannKind announced that, pursuant to a Facility Agreement dated July 1, 2013 between Deerfield Private Design Fund II, L.P. and Deerfield Private Design International II, L.P. and MannKind, the conditions that obligate Deerfield to purchase the second $40 million tranche of 9.75% senior secured convertible notes have now been satisfied as part of the financing round.

The second tranche of Convertible Notes in the financing round was subject to the achievement of Phase 3 data from studies 171 and 175 that met the primary efficacy endpoints of these studies and did not show any adverse safety issue that would reasonably be expected to prevent approval of AFREZZA.

The Facility Agreement provides that Deerfield is obligated to purchase up to four equal tranches of Convertible Notes for total gross proceeds of up to $160 million in financing.

The closing of the second financing tranche is expected to occur no later than September 6, 2013.

Related

View: Current Partnering’s Partnering Scorecard – view top life science partnering deals by value

View: Current Partnering’s Deal Metrics – the latest deal trend infographics for life science deal making

View: Current Partnering’s Big Pharma Deal Making Scorecard – latest trends in big pharma deal making activity

View: Current Partnering’s Big Biotech Deal Making Scorecard – latest trends in big biotech deal making activity

Signup: Current Partnering Dealmakers Update – weekly newsletter providing the latest life science industry deal news, deal making trends, partnering events – sign up now

Signup: Current Agreements Deals Review – monthly newsletter - reviewing the previous month’s life science deal making – partnering, M&A and financing – sign up now

Subscribe: Current Agreements life sciences partnering, M&A and financing deals database – find out more

Follow us on: LinkedIn Current Partnering | LinkedIn Business Development Network | @Currentpartner on Twitter

Print Friendly, PDF & Email

Leave a Reply

 

cabannerad300x150new4gif
rauconbadgejpg
e80banner300x150animgif
cpbannerad300x150new2gif
rauconbadgejpg
a1banner300x150animgif