Eli Lilly to Sell Baqsimi Product to Amphastar

By Colin Kellaher

Eli Lilly & Co. on Monday said it agreed to sell its Baqsimi hypoglycemia treatment to Amphastar Pharmaceuticals Inc. in a deal potentially worth more than $1 billion.

Indianapolis drugmaker Eli Lilly said it would receive $500 million in cash at closing, slated for the second or third quarter, along with another $125 million in cash upon the one-year anniversary of closing.

Eli Lilly said it is also eligible for up to $450 million in sales-based milestone payments related to Baqsimi, a nasally administered glucagon for the treatment of severe hypoglycemia in people with diabetes that generated sales of $139.3 million in 2022.

Eli Lilly said the sale will help it focus on advancing its pipeline of potential breakthrough treatments, while Amphastar will provide a dedicated commercial investment for Baqsimi.

Amphastar, a Rancho Cucamonga, Calif., biopharmaceutical company that focuses primarily on injectable, inhalation and intranasal products, posted 2022 net revenue of $499 million.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

April 24, 2023 07:27 ET (11:27 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.