Amphastar Taps Private Financing After Major Eli Lilly Acquisition

Generics and specialty player Amphastar Pharmaceuticals, Inc. has unveiled plans to raise approximately $300m via a private placement of senior convertible notes due in 2029, with the potential for initial purchasers to buy an additional $45m of the notes, following its recent $1bn+ deal package to acquire Eli Lilly’s Baqsimi (glucagon) emergency nasal spray.

Most of the initial capital will be designated for repaying debt and buying back stock, Amphastar said, with $200m of the $300m earmarked to repay borrowings under the company’s term loan and up to a further $50m “to