Kirkland & Ellis advised Eli Lilly and Company (NYSE: LLY) as lead transaction counsel on its definitive agreement to divest its BAQSIMI product to Amphastar Pharmaceuticals, Inc. (NASDAQ: AMPH), a global pharmaceutical company focused on developing, manufacturing, and marketing injectable, intranasal and inhalation products with experience in glucagon products. BAQSIMI is the first and only nasally administered glucagon for the treatment of severe hypoglycemia in people with diabetes. Amphastar will pay Eli Lilly up to $1.075 billion, comprised of $500 million in cash at closing, an additional $125 million in cash upon the one-year anniversary of closing and sales-based milestone payments of up to $450 million in cash in the aggregate.

The Kirkland team was led by corporate partners Michael Brueck and Steven Li and associates Alexandra Gallogly, Justin Prindle and Ben Howard; technology & intellectual property technology partner Amber Harezlak and associates Trevor Snider and Min Ryoo; antitrust & competition partners Andrea Murino and Samantha Morelli; tax partners Dean Shulman and Adam Kool; capital markets partner Sharon Freiman; and debt finance partner Ashley Gregory.