(Reuters) – Anfastar Pharmaceuticals (AMPH.O) will buy Bakshimi from Eli Lilly and Company (LLY.N) for up to $1.08 billion. said Monday.
Amphastar will pay $500 million upon closing of the transaction and an additional $125 million in cash one year later.
Eli Lilly is also eligible for milestone payments of up to $450 million based on sales of Baqsimi, the only intranasal drug to treat severe hypoglycemia or hypoglycemia in people with diabetes.
Severe hypoglycemia is characterized by altered mental or physical functioning and, if untreated, can lead to loss of consciousness, seizures, coma, and even death.
Baqsimi, launched in 2019, achieved global sales worth $139.3 million in 2022, the companies said.
Lilly acquired Baqsimi from Locemia Solutions in 2015. This drug contains the active compound glucagon, a type of hormone produced in the pancreas that stimulates glucose production.
Amphastar will provide a dedicated commercial investment in Baqsimi.
The company was approved by the US Food and Drug Administration. the first generic 2020 version of glucagon injection.
Other drugs used to treat hypoglycemia in people with diabetes include Zegalogue and GlucaGen from Novo Nordisk (NOVOb.CO) and Gvoke HypoPen from Xeris Pharmaceuticals.
Reported by Leroy Leo of Bangalore. Edited by Sriraj Kalluvila
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