Eli Lilly (LLY) and Amphastar (AMPH) have entered into a definitive agreement for Lilly to divest Baqsimi worldwide to Amphastar. Amphastar expects to provide dedicated commercial investment for Baqsimi. Pursuant to the terms of the agreement, Amphastar will pay Lilly $500M in cash at closing and an additional $125M in cash upon the one-year anniversary of closing. Lilly is also eligible to receive sales-based milestone payments of up to $450M in aggregate. The transaction has been approved by the boards of directors of both companies. The transaction is not subject to any financing conditions and is expected to close in the second or third quarter of 2023, subject to the satisfaction of customary closing conditions. Each of Lilly and Amphastar will determine their applicable accounting treatment for this transaction according to GAAP upon closing. This transaction will thereafter be reflected in each company’s respective financial results and financial guidance.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on LLY:
- LLY Earnings this Week: How Will it Perform?
- Eli Lilly Divests BAQSIMI to Amphastar for $450M
- Eli Lilly to invest another $1.6B, add 200 jobs to Indiana production facilities
- Eli Lilly growth thesis intact despite miri’s ‘manufacturing hiccup,’ says BofA
- Eli Lilly CRL ‘disappointing,’ but impact ‘likely limited,’ says Morgan Stanley
