Sandoz (SDZNY) announced a strategic agreement with Evotec SE to acquire all issued and outstanding equity interests of Just-Evotec Biologics EU SAS (JEB SAS), including its Toulouse-based manufacturing site.
The acquisition supports Sandoz's long-term strategy to tap into the projected US$300 billion biosimilar market over the next decade and will provide in-house capabilities for biosimilar development and manufacturing using continuous manufacturing technology.
Following a non-binding term sheet announced on July 30, 2025, Sandoz has now signed a definitive agreement to acquire 100% of JEB SAS and secure an indefinite technology license for its continuous manufacturing platform. The deal includes an upfront cash payment of approximately US$350 million, with the license covering an unlimited number of molecules—up to 10 of which may be subject to royalty payments.
The agreement also restructures the existing partnership model, aligning incentives through license fees and development-related expenses, including success-based milestones that could total around USD 300 million in the coming years. This investment aligns with Sandoz's current capital expenditure plans and does not affect its 2025 full-year guidance.
The transaction is expected to close in 2025, pending customary closing conditions, including foreign direct investment (FDI) clearance by French authorities. Upon completion, JEB SAS employees will join Sandoz as part of the acquired entity.
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