MannKind Announces $500M Financing Agreement With Blackstone After Q2 Revenue Miss

 MannKind Corporation (MNKD) said on Wednesday that it has entered into up to $500 million strategic financing agreement with funds managed by Blackstone (BX) after its second-quarter (Q2) revenue missed Wall Street expectations.

“The funding will support the expansion of our commercial team in preparation for the anticipated launch of the pediatric indication for Afrezza, if approved, continued pipeline advancement, potential business development opportunities, and general corporate purposes,” MannKind CEO Michael Castagna said.

Afrezza is an inhaled insulin that starts lowering blood sugars in about 12 minutes for adults living with type 1 or type 2 diabetes. The company is now looking to expand its use to pediatric patients, and a U.S. Food and Drug Administration ruling on the application is expected in early our third quarter.

The up to $500 million senior secured credit facility consists of a $75 million initial term loan funded at closing, a $125 million delayed draw term loan (DDTL) available for the next 24 months, subject to customary drawdown conditions, and an additional $300 million uncommitted DDTL available at the mutual agreement of MannKind and Blackstone.

MNKD stock is down by 40% this year and by about 24% over the past 12 months.

MannKind on Wednesday reported Q2 revenues of $76.5 million, marking a growth of 6% year-on-year (YoY) but below an analyst estimate of $77.82 million.     

The YoY increase was spurred by an increase in royalties and Afrezza revenue, which offset a decline in collaborations and services revenues and a dip in net revenue for V-Go, the company's wearable insulin delivery device.

Adjusted net income came in at $0.05 for the three months through the end of June, in line with estimates.

https://stocktwits.com/news-articles/markets/equity/mannkind-announces-500-million-financing-agreement-with-blackstone-after-q2-revenue-miss/chr1zwaRd5P

Cosmos Health secures up to $300 million facility for ethereum strategy

 Cosmos Health Inc. (COSM) entered into a securities purchase agreement with a U.S.-based institutional investor for up to $300 million in senior secured convertible promissory notes to support an Ethereum digital asset treasury reserve strategy, according to a company statement.

The healthcare company must allocate at least 72.5% of net proceeds from each tranche closing toward building its digital asset treasury reserve, with the remainder designated for working capital and growth initiatives. BitGo Trust Company will provide custody and staking services for the Ethereum assets through institutional infrastructure.

"This financing marks a strategic milestone for Cosmos Health, offering shareholders direct exposure to ETH, currently one of the most widely adopted digital assets in the world," said CEO Greg Siokas in the statement. The facility is also intended to provide growth capital for product development, research and development, commercial initiatives, and planned U.S. manufacturing entry.

The Chicago-based company operates as a diversified healthcare group with pharmaceutical and nutraceutical brands including Sky Premium Life and Mediterranation. Through subsidiary Cana Laboratories S.A., it manufactures pharmaceuticals, food supplements, cosmetics and medical devices in the European Union under European Good Manufacturing Practices licensing.

Cosmos Health distributes pharmaceuticals and parapharmaceuticals to retail pharmacies and wholesale distributors through subsidiaries in Greece and the UK. The company has also entered telehealth through its acquisition of ZipDoctor Inc.

Curvature Securities LLC served as sole placement agent for the facility. The financing agreement is subject to satisfaction or waiver of certain unspecified conditions.

https://www.investing.com/news/cryptocurrency-news/cosmos-health-secures-up-to-300-million-facility-for-ethereum-strategy-432SI-4173508

Cardiol falls after mid-stage data for heart disease drug

 Cardiol Therapeutics (CRDL) shares dip despite mid-stage trial success for CardiolRx in acute myocarditis

https://seekingalpha.com/news/4479835-cardiol-falls-after-mid-stage-data-for-heart-disease-treatment

GM signs rare earth magnet deal with Noveon Magnetics

 General Motors has entered into a multi-year deal under which Noveon Magnetics will supply rare earth magnets for use in components of the automaker’s full-size SUVs and trucks, the magnet maker said on Wednesday.

China controls more than 90% of global rare earth processing capacity and imposed new export licensing rules in April, tightening supply to Western manufacturers of everything from cars and fighter jets to household appliances.

Automakers, especially those focused on electric vehicles, are among the largest industrial consumers of rare earth materials.

Ford executives too have said that a pinched supply of rare earth magnets from China disrupted production.

Noveon said the magnet deliveries to GM began in July. It said it was the only operational manufacturer of sintered neodymium-iron-boron (NdFeB) magnets in the United States.

Sintered NdFeB magnets are currently the strongest and most advanced permanent magnets commercially available.

https://www.investing.com/news/stock-market-news/gm-signs-rare-earth-magnet-deal-with-noveon-magnetics-4173474

Perrigo reaffirms full-year outlook despite challenging market

 On Wednesday, Perrigo Company plc (NYSE:PRGO) reported second-quarter results that slightly missed analyst expectations but reaffirmed its full-year guidance despite challenging market conditions.

The consumer self-care products maker’s shares gained 3.31% in pre-market trading after the release.

The company posted adjusted earnings of $0.57 per share for the second quarter, slightly below the analyst estimate of $0.59. Revenue came in at $1.06 billion, compared to the consensus estimate of $1.08 billion and down 0.9% YoY. Despite these misses, investors responded positively to the company’s maintained full-year outlook and strategic progress.

"Our second quarter results reflect the continued execution by the global Perrigo team against our ’Three-S’ strategic plan," said President and CEO Patrick Lockwood-Taylor. "Despite a challenging consumer environment in the U.S. and EU, our diversified portfolio—spanning more molecules at more price points—continues to provide resilience and stability."

Organic net sales were essentially flat at -0.1% as growth in Pain & Sleep-Aids, Nutrition, and Upper Respiratory categories was offset by declines in Digestive Health and Oral Care. The company’s adjusted operating income decreased 2.9% to $135 million, while adjusted operating margin declined slightly to 12.8% from 13.1% in the prior year quarter.

Perrigo reaffirmed its full-year 2025 outlook, including an adjusted EPS range of $2.90 to $3.10, though it noted that reported and organic net sales growth are expected toward the lower end of their respective ranges due to infant formula industry dynamics and challenging market consumption trends.

The company also highlighted progress on its strategic initiatives, including the recently announced agreement to sell its Dermacosmetics business, which is expected to close in the first quarter of 2026. Proceeds from this transaction will be prioritized toward strengthening the company’s balance sheet and accelerating net leverage goals.

"Our share gains, operating discipline and cost efficiencies are enabling us to reaffirm our full-year earnings outlook," added Lockwood-Taylor. "Our unique offerings continue to support agile execution in a dynamic environment."

https://www.investing.com/news/earnings/perrigo-shares-rise-3-as-company-reaffirms-fullyear-outlook-despite-challenging-market-93CH-4172697

Novartis weighs deal for biotech Avidity Biosciences

 Avidity Biosciences (NASDAQ:RNA) stock surged 18% Wednesday after the Financial Times reported that Swiss pharmaceutical giant Novartis (NYSE:NVS) has approached the rare disease-focused biotech company about a potential takeover.

According to the report, which cited unidentified people familiar with the matter, Novartis has been evaluating a bid for Avidity and expressed interest in an acquisition in recent weeks. Avidity is reportedly working with advisers to assess its options.

The discussions are said to be at an early stage, and there is no guarantee that a deal will materialize, according to the sources cited in the report.

The news also lifted shares of Dyne Therapeutics (NASDAQ:DYN), a company operating in a similar space, which also jumped 18% on Wednesday.

Novartis has been actively reshaping its portfolio in recent years, focusing on high-growth areas including rare diseases. Any potential acquisition of Avidity would align with this strategy, potentially strengthening Novartis’s position in the rare disease treatment market.

https://uk.investing.com/news/stock-market-news/avidity-biosciences-stock-soars-on-novartis-takeover-approach-report-4204519

OpenAI offers ChatGPT Enterprise to federal agencies for $1

 OpenAI announced a partnership with the U.S. General Services Administration (GSA) to provide ChatGPT Enterprise to the entire federal executive branch workforce at a nominal cost of $1 per agency for the next year.

The initiative aligns with the Trump Administration’s AI Action Plan, aiming to make powerful AI tools available across federal government agencies. The goal is to help government employees reduce time spent on administrative tasks and focus more on public service.

Under this program, participating federal agencies will gain access to OpenAI’s leading frontier models through ChatGPT Enterprise. For an additional 60-day period, OpenAI will provide unlimited use of advanced features including Deep Research and Advanced Voice Mode.

The company cited successful pilot programs in state governments. In Pennsylvania, employees using ChatGPT saved an average of 95 minutes per day on routine tasks. In North Carolina, 85% of participants in a 12-week pilot with the Department of State Treasurer reported positive experiences with the AI tool.

OpenAI will also provide educational tools and training through a dedicated government user community and the OpenAI Academy. The company is partnering with Slalom and Boston Consulting Group to support secure deployment and training.

Security measures include OpenAI’s commitment not to use business data, including inputs or outputs, to train or improve its models. The GSA has issued an Authority to Use for ChatGPT Enterprise, confirming the platform meets government security and compliance standards.

https://www.investing.com/news/company-news/openai-offers-chatgpt-enterprise-to-federal-agencies-for-1-93CH-4173888