Eli Lilly Will Sell Low Blood Sugar Drug to Amphastar in Deal Worth $1 Billion

Amphastar Pharmaceuticals will buy Baqsimi from Eli Lilly and Co in a deal worth up to $1.08 billion as it aims to boost its portfolio of low blood sugar drugs, 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, or hypoglycemia, in people with diabetes.

Read the source article at finance.yahoo.com