Lilly to sell diabetes drug to Amphastar

April 24, 2023

In order to focus on its next-gen pipeline, Eli Lilly will divest its FDA-approved glucagon rescue treatment, Baqsimi, worldwide to California-based Amphastar Pharmaceuticals.

Launched in 2019, Baqsimi is the first and only nasally administered glucagon for the treatment of severe hypoglycemia in people with diabetes. It was designed as an option to quickly render aid in rescue situations for people with diabetes who take insulin.

Currently available in 27 international markets, worldwide sales for Baqsimi totaled $139.3 million in 2022.

Per the deal — which could be worth up to $1.08 billion — Amphastar will pay Lilly $500 million in cash at closing and an additional $125 million in cash upon the one-year anniversary of closing. Lilly is also eligible to receive sales-based milestone payments of up to $450 million in aggregate.

This is not the first overlap between the two drugmakers. Amphastar, which focuses on injectable, intranasal and inhalation products, makes the generic version of Lilly's Glucagon Emergency Kit (GEK) — a product that Lilly discontinued in favor of more modern options in 2022.