Eli Lilly to sell low blood sugar drug to Amphastar

[April 24, 2023]  (Reuters) -Eli Lilly and Co will sell its low blood sugar drug Baqsimi to Amphastar Pharmaceuticals in a deal worth up to $1.08 billion, the two companies said on Monday.

Amphastar will pay $500 million at closing and another $125 million in cash after one year under the deal.

Eli Lilly is also eligible to receive milestone payments of up to $450 million based on sales of Baqsimi, the only nasally administered drug to treat severely low blood sugar in people with diabetes.

Worldwide sales for Baqsimi totaled $139.3 million in 2022, the companies said.

(Reporting by Leroy Leo in Bengaluru; Editing by Sriraj Kalluvila and Shilpi Majumdar)

An Eli Lilly and Company pharmaceutical manufacturing plant is pictured at 50 ImClone Drive in Branchburg, New Jersey, March 5, 2021. REUTERS/Mike Segar
 

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