Sandoz to Acquire Just – Evotec Biologics EU Mfg Site in $650-M Deal
In a move to boost manufacturing capacity for its biosimilars portfolio, Sandoz has agreed to acquire Just-Evotec Biologics EU SAS (JEB SAS), which includes a continuous biomanufacturing site in Toulouse, France, in a deal worth up to $650 million ($350 million upfront and $300 million in milestone payments). JEB SAS is the EU arm of Just-Evotec Biologics, which is part of the drug-discovery and development company and CDMO, Evotec.
Following the announcement of a non-binding term sheet on July 30, 2025, Sandoz signed an agreement to acquire 100% of JEB SAS and an indefinite technology license for JEB’s continuous biomanufacturing platform, for an upfront cash consideration of approximately $350 million. The license covers an unlimited number of molecules, with up to 10 subject to royalty payments. Furthermore, the agreement reconfigures the existing partnership model and aligns incentives between both parties through license fees and development-related expenses, including success-based milestones, which could amount to approximately $300 million over the coming years (as reported on November 4, 2025). These terms fully replace existing contractual commitments.
The proposed acquisition aligns with the Sandoz strategic objective of capitalizing on what the company estimates to be an approximately $300-billion biosimilar market opportunity over the next 10 years and will provide Sandoz with its own capabilities for the development and manufacturing of biosimilars using continuous manufacturing technology.
Sandoz and Evotec SE have carried out relevant works-council consultation processes, as well as the mandatory French employee bid process. Both parties aim to close the transaction in 2025, subject to meeting customary closing conditions, including foreign direct investment clearance by the French authorities. Upon closing, JEB SAS employees will transfer with the acquired entity and become part of Sandoz.
