secwatch.observer — SEC 8-K summary
======================================

Issuer:     MANNKIND CORP (MNKD)
CIK:        0000899460
Form:       8-K
Filed at:   2025-10-09T23:59:59+00:00
Accession:  0001193125-25-236064
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 2.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/899460/000119312525236064/0001193125-25-236064-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/899460/000119312525236064/d63266d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-236064

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer