Lilly To Sell BAQSIMI For At Least $500 Mln In Cash

(RTTNews) - Pharma major Eli Lilly and Company (LLY) said on Monday that it has inked a deal with Amphastar Pharmaceuticals, Inc. (AMPH), to divest BAQSIMI, the dry nasal spray to treat very low blood sugar, for $500 million in cash, plus an additional $125 million in cash upon the first anniversary of closing.

Lilly is also eligible to receive sales-based total milestone payments of up to $450 million.

The transaction is expected to close in the second or third quarter of 2023.

Launched by Lilly in 2019, BAQSIMI is currently available in 27 international markets.

Lilly had generated sales of $139.3 million from BAQSIMI for 2022.

Mike Mason, Executive Vice President and President, Lilly Diabetes and Obesity, said: "Our portfolio of therapies continues to make life better for people with diabetes, and we will continue this important mission while also increasing our focus on advancing our pipeline of potential breakthrough treatments…"