Eli Lilly to sell hypoglycemia treatment for up to $1.1 billion in cash and milestone payments to Amphastar
Shares of Eli Lilly & Co. (LLY) gained 0.5% in premarket trading Monday, after the drugmaker announced an agreement to sell its hypoglycemia treatment for people with diabetes Baqsimi to Amphastar Pharmaceuticals Inc. (AMPH) for up to $1.075 billion in cash and potential milestone payments. Under terms of the agreement, Amphastar will pay $500 million in cash upfront and another $125 million in cash one year after the deal closes, which is expected to occur in the third quarter of 2023. Eli Lilly will also be eligible to receive milestone payments of up to $450 million based on sales. Lilly's stock has gained 5.3% year to date through Friday, while Amphastar shares have soared 56.5% and the S&P 500 has gained 7.7%.
-Tomi Kilgore
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
04-24-23 0655ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
10 Stocks With the Largest Fair Value Estimate Increases After Q1 Earnings
-
Markets Brief: Inflation Back in the Spotlight
-
AI Is Booming, but Consumer Spending Is Slowing. Which Will Prevail in the Stock Market?
-
What’s Happening In the Markets This Week
-
Is the Era of Volatility-Suppressing Policies Possibly Over?
-
5 Undervalued Stocks That Crushed Earnings for Q1 2024
-
What Does Nvidia’s Stock Split Mean for Investors?
-
After Earnings, Is Home Depot Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Target Stock a Buy, Sell, or Fairly Valued?
-
Obesity Drug Stocks: Where to Invest Now
-
How to Invest Like Warren Buffett
-
DuPont Split Gives Investors Better Choices
-
2 Wide-Moat Stocks to Consider
-
Live Nation: Breakup Sought by Department of Justice Probably Wouldn’t Affect Fair Value Much
-
After Earnings, Is Applied Materials Stock a Buy, Sell, or Fairly Valued?
-
The Best Energy Stocks to Buy