Amphastar Pharmaceuticals will pay Eli Lilly $500 million up front, an additional $125 million after one year, and up to $450 million in sales milestone payments for the rights to Baqsimi intranasal dry powder glucagon. The company says that the product is currently marketed in 27 countries. Baqsimi was approved by the FDA in July 2019 for the emergency treatment of severe hypoglycemia in diabetics. Health Canada approved Baqsimi in January 2020.
Eli Lilly Executive VP, and President of Lilly Diabetes and Obesity, Mike Mason commented, “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. Baqsimi’s positive impact has been felt by people with diabetes around the globe, and we’re working closely with Amphastar to facilitate a successful transition and consistent patient experience.”
Amphastar President and CEO Jack Zhang said, “The acquisition of Baqsimi will integrate our core strategic vision of strengthening our proprietary products profile in addition to enhancing our diabetes portfolio offering. We are optimistic about Baqsimi’s growth potential as it is the first and only commercial intra-nasal glucagon demonstrated to treat low blood sugar emergencies.”
Read the Eli Lilly and Amphastar Pharmaceuticals press release.
