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VALENCIA, Calif. (AP) -- Biopharmaceutical company MannKind Corp. said Tuesday it has agreed to sell 27 million shares of common stock in registered direct offerings to Chief Executive and Chairman Alfred E. Mann, its principal stockholder, and to two groups of investors. Of the total shares offered, 15.9 million were sold to Mann for $9.41 per share, and 11.1 million shares were sold to the other investors for $9.03 apiece. According to a regulatory filing, Mann beneficially owns 32.7 million shares, or a 44.5 percent stake, in the company, as of June 30. MannKind said it expects proceeds of about $250 million, before expenses, from the offering. The offerings are expected to close on or about Oct. 5. MannKind shares jumped $1.10, or 11.7 percent, to $10.51 in afternoon trading. Shares have traded between $7.85 and $21.68 in the past 12 months.
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