Eli Lilly to sell low blood sugar drug to Amphastar (updated)

Amphastar Pharmaceuticals,

24/04/2023 12:04

(Adds details and background)
       April 24 (Reuters) - Eli Lilly and Co  LLY.N  will sell
its low blood sugar drug Baqsimi to Amphastar Pharmaceuticals
 AMPH.O  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)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))