---
schema_version: "secwatch.filing_event.v1"
accession: "0001297184-23-000057"
form_type: "8-K"
ticker: "AMPH"
cik: "0001297184"
company_name: "Amphastar Pharmaceuticals, Inc."
filed_at: "2023-06-30T23:59:59+00:00"
generated_at: "2026-06-13T13:46:09.872629+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Amphastar completes $500M acquisition of BAQSIMI from Lilly; funds with $500M term loan

## Summary
- 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.

## SEC filing metadata
- accession: 0001297184-23-000057
- form_type: 8-K
- ticker: AMPH
- cik: 0001297184
- company_name: Amphastar Pharmaceuticals, Inc.
- filed_at: 2023-06-30T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1297184/000129718423000057/0001297184-23-000057-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1297184/000129718423000057/amph-20230630x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001297184-23-000057
- JSON: https://secwatch.observer/filing/0001297184-23-000057.json
- Plain text: https://secwatch.observer/filing/0001297184-23-000057.txt

## Key facts
- Debt Financings
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1297184/000129718423000057/0001297184-23-000057-index.htm
- Debt Financings
  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
  source text: The Credit Agreement provides for a senior secured revolving credit facility (the "Revolving Credit Facility") in an aggregate principal amount of $200.0 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1297184/000129718423000057/0001297184-23-000057-index.htm
- M&A Transactions
  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
  source text: ​ 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1297184/000129718423000057/0001297184-23-000057-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1297184/000129718423000057/0001297184-23-000057-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.