---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-236064"
form_type: "8-K"
ticker: "MNKD"
cik: "0000899460"
company_name: "MANNKIND CORP"
filed_at: "2025-10-09T23:59:59+00:00"
generated_at: "2026-05-17T04:17:06.392556+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# MannKind completes $296.5M acquisition of scPharmaceuticals; funds with $250M debt

## Summary
- Tender offer expired Oct 6 with 73.47% shares tendered; merger closed Oct 7, 2025; scPharma becomes wholly owned subsidiary.
- scPharma shareholders received $5.35 cash plus one CVR per share; CVR pays up to $1.00 additional contingent on milestones.
- Aggregate cash paid ~$296.5M for shares; extinguished ~$82.6M scPharma debt (Perceptive credit and revenue participation).
- Funded via $250M delayed draw term loan under amended Blackstone credit facility; interest SOFR+4.75%, matures Aug 2030.
- CVR Milestone 1: FDA approval of SCP-111 autoinjector by June 2027 ($0.25-$0.75); Milestone 2: net sales $110M-$120M by Dec 2026.

## SEC filing metadata
- accession: 0001193125-25-236064
- form_type: 8-K
- ticker: MNKD
- cik: 0000899460
- company_name: MANNKIND CORP
- filed_at: 2025-10-09T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/899460/000119312525236064/0001193125-25-236064-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/899460/000119312525236064/d63266d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-236064
- JSON: https://secwatch.observer/filing/0001193125-25-236064.json
- Plain text: https://secwatch.observer/filing/0001193125-25-236064.txt

## Source-grounded claims
- claim_id: 1dcda78bd4f88c8a0ca672fcd4c032d1b8f382f0
  claim: MANNKIND CORP incurred credit facility of $250.0 million with Blackstone Alternative Credit Advisors LP (as Blackstone Representative) at one, three or six month term SOFR (at the Company’s election), subject to a 2% f maturing August 6, 2030.
  evidence_excerpt: On October 7, 2025, the Company borrowed $250.0 million in delayed draw term loans to fund the Acquisition Price and the scPharma Debt Extinguishment.
  evidence_url: https://www.sec.gov/Archives/edgar/data/899460/000119312525236064/0001193125-25-236064-index.htm
- claim_id: 6a51d5692f5c21be64bfceaa608aa13b93ebebd4
  claim: MANNKIND CORP amended credit facility of additional $175.0 million incremental delayed draw term loan with Blackstone Alternative Credit Advisors LP (as Blackstone Representative) at one, three or six month term SOFR (at the Company’s election), subject to a 2% f maturing August 6, 2030.
  evidence_excerpt: Pursuant to the Credit Agreement Amendment, among other things, the Lenders agreed to provide an additional $175.0 million incremental delayed draw term loan solely to finance a portion of the fees, premiums, expenses and other transaction costs incurred in connection with the transactions contemplated by the Merger Agreement
  evidence_url: https://www.sec.gov/Archives/edgar/data/899460/000119312525236064/0001193125-25-236064-index.htm
- claim_id: efe887e24d69c16f5fd1ae478e5b8fa22cf23c7c
  claim: MANNKIND CORP completed an acquisition involving scPharmaceuticals Inc. for approximately $296.5 million (closed 2025-10-07).
  evidence_excerpt: Share outstanding immediately prior to the Effective Time. The aggregate cash paid by the Company and Purchaser in the Offer and the Merger at the Closing Date was approximately $296.5 million (the “ Acquisition Price ”), which was funded by the Company from its available cash on hand and net proceeds from borrowings under its Credit Agreement (as defined below). As
  evidence_url: https://www.sec.gov/Archives/edgar/data/899460/000119312525236064/0001193125-25-236064-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.