See you later, Baqsimi: Lilly sells low blood sugar rescue treatment to Amphastar for $500M-plus

Eli Lilly is bidding adieu to Baqsimi, its nasal powder rescue treatment for severe hypoglycemia, or very low blood sugar, in diabetes patients.

In a deal with California’s Amphastar, Lilly has decided to sell its drug for $500 million in cash upfront. Amphastar is also on the hook for an additional $125 million in cash upon the one-year anniversary of the deal’s close. Further, Lilly is in line to receive sales-based milestones worth up to $450 million, the companies said Monday.