$1.075 billion! Lilly sells a worldwide exclusive nasal spray of hyperglycemic powder

On April 24, Lilly announced the sale of global rights to BAQSIMI®, the hyperglycemic nasal powder, to Amphastar. Under the terms of the agreement, Amphastar will pay $500 million in cash to Lilly upon closing and $125 million in cash to Lilly on the one-year anniversary of closing. In addition, Lilly is eligible for milestone payments based on sales of up to $450 million.

Convenient drug delivery, market expansion...

BAQSIMI®, an improved new drug, is the world's first and currently only intranasal glucagon for the treatment of severe hypoglycemia in patients with diabetes. In addition to hypoglycemia, which has been approved, BAQSIMI® also has indications for diabetes and Type 1 diabetes under development, according to Pharmacowisdom data.

BAQSIMI® is certainly most notable for the way it is administered -- intranasally, without an injection.

Severe hypoglycemia is when a patient's blood sugar level drops to a certain level and the patient goes into a state of weakness, falling and even coma. It usually occurs in patients with diabetes who are treated with insulin. At this point, convenient delivery is critical.

Currently, the main treatment methods for severe hypoglycemia are subcutaneous therapy and parenteral therapy. BAQSIMI® is the world's first hyperglycemic nasal powder spray. Compared to injections, BAQSIMI® is delivered through the nasal cavity to simplify the treatment process.

BAQSIMI® was previously accepted by the CDE on August 1, 2022, according to Pharmacwise data. However, BAQSIMI® is not yet available in China.

BAQSIMI® is currently available in 27 markets worldwide; Sales totaled $139.3 million in 2022. According to Lilly, Amphastar is focused on developing, manufacturing and marketing injectable, intranasal and inhaled products with extensive experience in glucagon products. The sale of Lilly's worldwide interest in BAQSIMI® to Amphastar contributed to its sales rating.

How about Lilly developing a drug for Diabetes?

In recent years, with the change of lifestyle, the number of people with diabetes is on the rise globally. In 2022, the global market size of diabetes drugs has reached nearly $60 billion. In China, the number of people with diabetes has reached 141 million, making China the largest country in the world.

Lilly, as one of the world's leading pharmaceutical companies, has developed more than 100 drugs in oncology, neurology, immunity and other fields. Among them, drugs in the field of diabetes are one of the series of Lilly's attention, including the above BAQSIMI®, as well as other marketed drugs such as Duragtide, human insulin, Engliazine, tilpotide and several other drugs under development.

Among these drugs, tilpotide's efficacy in reducing weight, an indication under study, is striking. According to Phase III clinical results announced by Lilly in April 2022, subjects receiving tilpotide for 72 weeks experienced an average weight loss of up to 22.5% (approximately 24 kg), with no serious adverse events reported in any clinical trial.

Compared to his closest rival, Simiglutide, who lost 20 kilograms in 68 weeks.

Sales of tilpotide are expected to reach $4.7 billion by 2026, according to Refinitiv.

In addition, Lilly also has a long-acting insulin in development, LY-3209590, and insulin analogue LY2605541 in cooperation with Boehringer Ingelheim, which are also undergoing clinical trials in China and abroad, which will further strengthen Lilly's position in the field of diabetes.

summary

According to Lilly's 2022 financial results, the total annual revenue of 28.541 billion dollars, a year-on-year growth of 1%, several diabetes blockbuster drugs such as Duratutide, tilpotide and other good performance; The investment in research and development reached 7.192 billion US dollars, up 4% year on year. The investment in research and development did not lag behind, and the investment in the fields of cancer and immunity was also increasing. How Lilly will fare in 2023 remains to be seen.