8-K
filed June 30, 2023, 7:59 PM ET
ticker AMPH
CIK 0001297184
M&A
confidence high
sentiment positive
materiality 0.85
Amphastar Pharmaceuticals, Inc. (AMPH): M&A transaction — Amphastar completes $500M acquisition of BAQSIMI from Lilly; funds with $500M term loan
Amphastar Pharmaceuticals, Inc.
- Paid $500M cash at closing; also owes $125M guaranteed payment in one year plus up to $450M contingent milestones.
- Entered $500M senior secured term loan (fully drawn) and $200M revolver (undrawn) to finance the deal.
- BAQSIMI is a branded intranasal glucagon for severe hypoglycemia; expands Amphastar's diabetes portfolio into 26 countries.
- Credit facilities mature June 30, 2028; interest rate initially Term SOFR + 2.25% or base rate + 1.25%.
- Lilly will provide manufacturing and transition services for up to 18 months post-close.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Amphastar Pharmaceuticals, Inc. incurred term loan of $500.0 million with Wells Fargo Bank, National Association at base rate ... plus an applicable margin of 1.25%, or ... adjusted Term SOFR rate maturing June 30, 2028.
- Instrument
- term loan
- Principal
- $500.0 million
- Counterparty
- Wells Fargo Bank, National Association
- Rate
- base rate ... plus an applicable margin of 1.25%, or ... adjusted Term SOFR rate
- Maturity
- June 30, 2028
- Event
- incurrence
Exact text from the filing
The Credit Agreement also provides for the incurrence by Amphastar of a senior secured term loan in an aggregate principal amount of $500.0 million (the "Term Loan", and together with the Revolving Credit Facility, the "Credit Facilities"). The Term Loan matures on the Maturity Date. The Term Loan was fully funded on the Closing Date.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Amphastar Pharmaceuticals, Inc. incurred credit facility of $200.0 million with Wells Fargo Bank, National Association at base rate ... plus an applicable margin of 1.25%, or ... adjusted Term SOFR rate maturing June 30, 2028.
- Instrument
- credit facility
- Principal
- $200.0 million
- Counterparty
- Wells Fargo Bank, National Association
- Rate
- base rate ... plus an applicable margin of 1.25%, or ... adjusted Term SOFR rate
- Maturity
- June 30, 2028
- Event
- incurrence
Exact text from the filing
The Credit Agreement provides for a senior secured revolving credit facility (the "Revolving Credit Facility") in an aggregate principal amount of $200.0 million
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
Amphastar Pharmaceuticals, Inc. completed an acquisition involving Eli Lilly and Company for $500 million in cash (closed 2023-06-30).
- Action
- acquisition
- Counterparty
- Eli Lilly and Company
- Consideration
- $500 million in cash
- Closing
- 2023-06-30
Exact text from the filing
The proceeds of the Credit Facilities were used to finance the acquisition of BAQSIMI ® glucagon nasal powder (“BAQSIMI ® ”) and related assets (the “Transferred Assets”) from Eli Lilly and Company, an Indiana corporation (“Lilly”), to refinance certain of Amphastar’s and its subsidiaries’ existing third-party indebtedness, and to pay fees and expenses incurred in connection with each of the foregoing.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.98
Amphastar Pharmaceuticals, Inc. entered into Credit Agreement with Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and L/C Issuer, and the lenders party thereto valued at $700.0 million ($200.0 million Revolving Credit Facility and $500.0 million Term Loan) (effective 2023-06-30).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and L/C Issuer, and the lenders party thereto
- Value
- $700.0 million ($200.0 million Revolving Credit Facility and $500.0 million Term Loan)
- Effective
- 2023-06-30
Exact text from the filing
On June 30, 2023 (the “Closing Date”), Amphastar Pharmaceuticals, Inc., a Delaware corporation (“Amphastar” or the “Company”), entered into a Credit Agreement (the “Credit Agreement”) by and among the Company, certain subsidiaries of the Company party thereto, as guarantors, the lenders party thereto, and Wells Fargo Bank, National Association, as Administrative Agent (in such capacity, “Agent”), Swing Line Lender and L/C Issuer.
View on SEC.gov
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