On April 24, 2023, Eli Lilly and Company and global pharmaceutical company Amphastar announced that Lilly agreed to divest low blood sugar drug BAQSIMI to Amphastar. BAQSIMI is the first and only nasally administered glucagon for treatment of severe hypoglycemia in people with diabetes. Wilson Sonsini Goodrich & Rosati advised Amphastar on the transaction.
Amphastar develops, manufactures, and markets injectable, intranasal, and inhalation products and has experience with a glucagon product. The company expects to provide dedicated commercial investment for BAQSIMI and allow more people on insulin to be prepared with a glucagon rescue treatment for severe hypoglycemia. Lilly launched BAQSIMI in 2019. The drug is available in 27 international markets with global sales totaling $139.3 million in 2022.
Amphastar will pay Lilly $500 million at the close of the deal and $125 million on the one year anniversary of the closing. The deal includes as much as $450 million in sales-based milestone payments. The deal is expected to close in the second or third quarter of 2023.
For more information, please read the press release or coverage in Reuters.
The Wilson Sonsini team that advised on the deal included:
M&A
Rob Ishii
Jason Breen
Molly Manning
Kaleigh Hawkins-Schulz
Divij Kadan
Amanda (Hartman) Ryan
Corporate
Andrew Hoffman
Olivia Cusimano
Lillian Jenks
Technology Transactions
Miranda Biven
Norm Hovijitra
Colin Bosch
Antitrust
Michelle Yost Hale
Beau Buffier
Kimberly Biagioli
Tax
Myra Sutanto Shen
Brandon King
Patents
Julia Minitti
Regulatory
Eva Yin
Privacy
Matthew Staples
Michael O’Brien
Trademarks
Alyssa Worsham