VALENCIA, Calif., Dec. 12 /PRNewswire-FirstCall/ -- MannKind Corporation announced today the completion of a public offering of 20,000,000 shares of its common stock at a public offering price of $17.42 per share. Of the offered shares, 5,776,000 shares were sold to certain of MannKind's officers and directors, including 5,750,000 shares sold to its chairman, chief executive officer and principal stockholder, Alfred E. Mann. The underwriters did not receive any underwriting discount on the shares sold to the MannKind officers and directors. The underwriters maintain an option to purchase up to an additional 3,000,000 shares of MannKind common stock to cover over-allotments during the applicable 30-day over-allotment option period. All of the shares were offered by MannKind.
MannKind also announced today the completion of a concurrent public offering of $115,000,000 aggregate principal amount of 3.75% senior convertible notes due in 2013, including $15,000,000 aggregate principal amount of notes sold pursuant to the full exercise of an over-allotment option granted to the underwriters. The notes are convertible by holders into shares of MannKind's common stock at an initial conversion rate of 44.5002 shares of common stock per $1,000 principal amount of notes (subject to adjustment in certain circumstances), which represents an initial conversion price of approximately $22.47 per share.
J.P. Morgan Securities Inc. and Merrill Lynch & Co. are acting as joint lead managers and joint bookrunners of each of the public offerings. Wachovia Capital Markets, LLC, CIBC World Markets Corp. and Leerink Swann & Co., Inc. are acting as co-managers of the common stock offering. Information about each of the offerings is available in the prospectus supplements for the offerings filed with the Securities and Exchange Commission. Copies of the prospectus supplements can be obtained from J.P. Morgan's prospectus department at 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245, Attention Prospectus Department and from Merrill Lynch's prospectus department at 4 World Financial Center, New York, NY 10080.
Registration statements relating to these securities have become effective by order or rule of the Securities and Exchange Commission. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About MannKind Corporation
MannKind Corporation focuses on the discovery, development and commercialization of therapeutic products for diseases such as diabetes and cancer. Its lead product, the Technosphere(R) Insulin System, is currently in phase 3 clinical trials in the United States, Europe and Latin America, to study its safety and efficacy in the treatment of diabetes.
MannKind CorporationCONTACT: Dick Anderson, Chief Financial Officer of MannKind Corporation,+1-661-775-5302, danderson@mannkindcorp.com; or Investors, Julie Huang, orMedia, Robert Stanislaro, both of Financial Dynamics, +1-212-850-5600,mnkd@fd.com, for MannKind Corporation
Web site: http://www.mannkindcorp.com//
