Lilly Sells Global Rights to Nasal Glucagon Therapy Baqsimi for $1.075 Billion

On April 24, Eli Lilly announced that it had sold the global rights of its glucagon nasal powder (Baqsimi) to Amphastar Pharmaceuticals, Inc. According to the agreement, Amphastar will pay Eli Lilly $500 million in cash upon the completion of the transaction and an additional $125 million on the first anniversary of the completion. Furthermore, Eli Lilly is also eligible to receive sales milestone payments totaling up to $450 million. The agreement is expected to be completed in the second or third quarter of 2023.

The nasal powder spray of glucagon is contained in a disposable, ready-to-use sprayer, and is passively absorbed through the patient's nasal mucosa after administration, without requiring the patient to inhale. In July 2019, Baqsimi was approved by the FDA for the treatment of severe hypoglycemia in diabetes patients aged 4 years and above, becoming the first marketed glucagon nasal spray that does not require injection. It is small in size, portable, with a single fixed dose of 3 mg, and can be used anytime (no suspension required). Eli Lilly's financial report shows that the global sales of Baqsimi totaled 139.3 million US dollars in 2022.

Severe hypoglycemia is a serious, emergency-treatable condition for patients with type 1 and type 2 diabetes. It is characterized by alterations in mental and/or physiological function, with recovery only possible through the assistance of others. If not promptly treated, severe hypoglycemia can lead to extremely serious consequences such as loss of consciousness, seizures, coma, or even death.

Dr. Jack Zhang, CEO and President of Amphastar Pharmaceuticals, Inc., stated, "The acquisition of Baqsimi will strengthen our proprietary product portfolio and enhance our diabetes product offerings. As Baqsimi is the first and only intranasal glucagon therapy proven to treat severe hypoglycemia emergencies, we are optimistic about the growth potential of this product."

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