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Eli Lilly offloads innovative hypoglycemia nasal spray, Baqsimi, to Amphastar Pharmaceuticals bolstering Amphastar's diabetes portfolio.
Eli Lilly has announced plans to sell Baqsimi, its innovative nasal spray for treating severe hypoglycemia in diabetic patients, to California-based Amphastar Pharmaceuticals (NASDAQ: AMPH). The deal, worth $500 million upfront and an additional $125 million after one year, includes up to $450 million in sales-based milestones.
Baqsimi, which was launched by Lilly in 2019, earned $139.3 million in sales across 27 countries last year.
Amphastar CEO Jack Zhang believes the acquisition aligns with their strategic vision to expand their proprietary products and enhance their diabetes portfolio. Meanwhile, Lilly remains committed to improving the lives of those with diabetes by focusing on the development of potential breakthrough treatments.
Reference: Eli Lilly Divests Low Blood Sugar Drug Baqsimi To Amphastar For $500M Cash. April 24, 2023 / yahoo! finance