Amphastar Pharmaceuticals Completes Acquisition of BAQSIMI from Lilly

RANCHO CUCAMONGA, CA / ACCESSWIRE / June 30, 2023 / Amphastar Pharmaceuticals, Inc. (NASDAQ:AMPH) ("Amphastar" or the "Company") today announced that it has completed the previously announced acquisition of BAQSIMI^® from Eli Lilly and Company ("Lilly") (the "Acquisition").

Acquisition Highlights

• Provides Amphastar with a branded product with growing sales and strong gross margin.
• Expands Amphastar's international footprint in 26 countries.
• Builds upon Amphastar's commercial intranasal product portfolio.
• Amphastar and Lilly will work together to enable a smooth transition and provision of services to patients and customers.

Pursuant to the terms of the asset purchase agreement entered into by and between Amphastar and Lilly on April 21, 2023 (the "Asset Purchase Agreement"), Amphastar paid $500 million at the closing of the Acquisition and is required to pay an additional $125 million at the one-year anniversary of the closing of the Acquisition. Amphastar may also be required to pay additional contingent consideration of up to $450 million to Lilly based on the achievement of certain milestones.

Dr. Jack Zhang, Amphastar's President and Chief Executive Officer, commented: "We are pleased to execute our strategy to accelerate the expansion of our branded products and diabetes portfolio, as evidenced by the successful completion of the acquisition of BAQSIMI^®. We have further strengthened our commercial product portfolio by adding BAQSIMI^® while remaining committed to our core business. We are committed to maximizing the commercial potential of BAQSIMI^® while assisting people with diabetes worldwide."

Indication and Safety Summary

BAQSIMI^® (BAK-see-mee) is used to treat very low blood sugar (severe hypoglycemia) in people with diabetes ages 4 years and above.

It is not known if BAQSIMI^® is safe and effective in children under 4 years of age.

Warnings - Do not use BAQSIMI^® if:

• you have a tumor in the gland on top of your kidneys (adrenal gland) called pheochromocytoma;
• you have a tumor in your pancreas called insulinoma; or
• you are allergic to glucagon or any other ingredient in BAQSIMI^®.

BAQSIMI^® may cause serious side effects, including:

High blood pressure. BAQSIMI^® can cause high blood pressure in certain people with tumors in their adrenal glands.

Low blood sugar. BAQSIMI^® can cause certain people with tumors in their pancreas to have low blood sugar.

Serious allergic reaction. Call your doctor or get medical help right away if you have a serious allergic reaction, including:

• rash
• difficulty breathing
• low blood pressure

Common side effects