RE_INSERT_VALUES`` = re.compile(
    r"\s*((?:INSERT|REPLACE)\s.+\sVALUES?\s+)" +
    r"(\(\s*(?:%s|%\(.+\)s)\s*(?:,\s*(?:%s|%\(.+\)s)\s*)*\))" +
    r"(\s*(?:ON DUPLICATE.*)?);?\s*\Z",
    re.IGNORECASE | re.DOTALL)

In [14]: print RE_INSERT_VALUES.match('insert into table values(%s,%s)')
None

In [15]: print RE_INSERT_VALUES.match('insert into table values (%s,%s)')
<_sre.SRE_Match object at 0x7f9ee7f9aa48>