---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-23-006469"
form_type: "8-K"
ticker: "AMPH"
cik: "0001297184"
company_name: "Amphastar Pharmaceuticals, Inc."
filed_at: "2023-04-24T23:59:59+00:00"
generated_at: "2026-06-16T18:33:03.988557+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Amphastar to buy Lilly's BAQSIMI for $500M cash, $125M guarantee, up to $450M milestones

## Summary
- Purchase price: $500M cash at closing, $125M guaranteed payment at 1-year anniversary, plus up to $450M in sales-based milestones.
- BAQSIMI is first and only nasally administered glucagon for severe hypoglycemia; 2022 worldwide sales of $139.3M.
- Debt financing: $500M term loan and $150M revolver from Wells Fargo, Capital One, JPMorgan, and others.
- Closing expected Q2/Q3 2023, subject to HSR clearance and customary conditions; not subject to financing condition.
- Amphastar will use debt and cash on hand; Lilly focuses on pipeline while divesting BAQSIMI.

## SEC filing metadata
- accession: 0001558370-23-006469
- form_type: 8-K
- ticker: AMPH
- cik: 0001297184
- company_name: Amphastar Pharmaceuticals, Inc.
- filed_at: 2023-04-24T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1297184/000155837023006469/0001558370-23-006469-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1297184/000155837023006469/amph-20230421x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-23-006469
- JSON: https://secwatch.observer/filing/0001558370-23-006469.json
- Plain text: https://secwatch.observer/filing/0001558370-23-006469.txt

## Key facts
- Material Agreements
  Amphastar Pharmaceuticals, Inc. entered into Debt Commitment Letter with Wells Fargo Bank, Capital One, JPMorgan Chase Bank, East West Bank, Cathay Bank, Fifth Third Bank, CIBC Bank USA valued at senior secured term loan facility in aggregate principal amount of $500 million and senior secured r (effective 2023-04-21).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Wells Fargo Bank, Capital One, JPMorgan Chase Bank, East West Bank, Cathay Bank, Fifth Third Bank, CIBC Bank USA
  - Value: senior secured term loan facility in aggregate principal amount of $500 million and senior secured r
  - Effective: 2023-04-21
  source text: In connection with the Purchase Agreement, Amphastar entered into a debt commitment letter (the “Commitment Letter”), dated as of April 21, 2023, with Wells Fargo Bank, National Association (“Wells Fargo Bank”), Capital One, National Association (“Capital One”), JPMorgan Chase Bank, N.A. (together with any of its affiliates through which it may be acting, “JPMorgan”), East West Bank (“East West Bank”), Cathay Bank (“Cathay”), Fifth Third Bank, National Association (“Fifth Third”), and CIBC Bank USA (“CIBC” and, collectively with Wells Fargo Bank, Capital One, JPMorgan, East West Bank, Cathay and Fifth Third, the “Commitment Parties”) pursuant to which the Commitment Parties have committed to provide a senior secured term loan facility in an aggregate principal amount of $500 million and a senior secured revolving credit facility in an aggregate principal amount of $150 million (collectively, the “Debt Financing”). The Debt Financing is available (i) to finance the Acquisition, (ii) to
  evidence_url: https://www.sec.gov/Archives/edgar/data/1297184/000155837023006469/0001558370-23-006469-index.htm
- Material Agreements
  Amphastar Pharmaceuticals, Inc. entered into Asset Purchase Agreement with Eli Lilly and Company valued at purchase price of $500 million in cash payable at the closing, plus a $125 million guaranteed paymen (effective 2023-04-21).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: Eli Lilly and Company
  - Value: purchase price of $500 million in cash payable at the closing, plus a $125 million guaranteed paymen
  - Effective: 2023-04-21
  source text: On April 21, 2023, Amphastar Pharmaceuticals, Inc., a Delaware corporation (“Amphastar” or the “Company”), entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Eli Lilly and Company, an Indiana corporation (“Lilly”), pursuant to which Amphastar’s wholly owned subsidiary, Amphastar Medication Co., LLC, a Delaware limited liability company (“Amphastar Medication”), has agreed to acquire Lilly’s BAQSIMI ® glucagon nasal powder (“BAQSIMI ® ”) and related assets (the “Transferred Assets”) and assume certain liabilities (the “Assumed Liabilities”) for a purchase price of $500 million in cash payable at the closing of the transaction (the “Acquisition”). In addition, Amphastar will pay Lilly a $125 million guaranteed payment on the first anniversary after the consummation of the transactions contemplated by the Purchase Agreement (the “Closing”). Amphastar may also be required to pay additional contingent consideration of up to $450 million to Lilly based on the achievemen
  evidence_url: https://www.sec.gov/Archives/edgar/data/1297184/000155837023006469/0001558370-23-006469-index.htm

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