Sandoz Group AG

M&A Activity • Nov 4, 2025

News Details

Corporate | 4 November 2025 22:05

Sandoz boosts in-house biosimilars capabilities by signing agreement to acquire Just-Evotec Biologics EU SAS in Toulouse

Sandoz Group AG / Key word(s): Agreement

Sandoz boosts in-house biosimilars capabilities by signing agreement to acquire Just-Evotec Biologics EU SAS in Toulouse

04.11.2025 / 22:05 CET/CEST

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• Acquisition will enable expansion of in-house development and manufacturing capabilities and provide Sandoz with own capabilities for the development and manufacturing of biosimilars using continuous manufacturing technology
• Further secures control over pipeline to capture projected ~USD 300 billion biosimilar market opportunity over next 10 years 1
• Transaction includes ~USD 350 million in cash for Just-Evotec Biologics EU SAS (JEB SAS) and upfront license fees for Just-Evotec Biologics (JEB) continuous manufacturing technology for indefinite number of molecules, up to 10 of which are royalty-bearing
• Reconfigures existing partnership model towards technology license fees and development expenses including success-based milestones that could amount to around USD 300 million over coming years, fully replacing existing contractual commitments, thereby aligning incentives for both parties
• Transaction in line with existing Sandoz capital-expenditure commitments and does not impact 2025 full-year guidance

Basel, November 4, 2025 – Sandoz (SIX:SDZ/OTCQX:SDZNY), the global leader in affordable medicines, today announced a strategic agreement with Evotec SE to acquire all issued and outstanding equity interests of Just-Evotec Biologics EU SAS (JEB SAS) which includes the Toulouse manufacturing site. The proposed acquisition aligns with the Sandoz strategic objective of capitalizing on a projected ~USD 300 billion biosimilar market opportunity over the next 10 years 1 and will provide Sandoz with own capabilities for the development and manufacturing of biosimilars using continuous manufacturing technology.

Following the announcement of a non-binding term sheet on July 30, 2025, Sandoz signs an agreement to acquire 100% of JEB SAS and an indefinite technology license for JEB’s continuous manufacturing platform, for an upfront cash consideration of approximately USD 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 USD 300 million over the coming years. These terms fully replace existing contractual commitments.

This investment is in line with existing Sandoz capital-expenditure commitments, and there is no impact on the 2025 full-year guidance.

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 (FDI) clearance by the French authorities. Upon closing, JEB SAS employees will transfer with the acquired entity and become part of Sandoz.

About Sandoz agreement with JEB

In May 2023, Sandoz and JEB announced a strategic partnership that supports Sandoz portfolio expansion and continued development of its early-stage biosimilar pipeline, by providing access to JEB’s continuous manufacturing technology platform. The proprietary fully-automated and high-throughput technology platform will allow Sandoz to continue to build out its own integrated drug-substance development and manufacturing network.

In July 2024, Sandoz secured long-term commercial supply access to JEB’s biosimilar manufacturing facility in Toulouse. In addition, Sandoz secured resource capacity for drug substance development of additional molecules starting in 2025. JEB will also enable the implementation of its design capability and continuous manufacturing technology at Sandoz.

On July 30, 2025, Sandoz signed a non-binding term-sheet to potentially acquire JEB’s biosimilars manufacturing facility in Toulouse.

DISCLAIMER

This Media Release contains forward-looking statements, which offer no guarantee with regard to future performance. These statements are made on the basis of management’s views and assumptions regarding future events and business performance at the time the statements are made. They are subject to risks and uncertainties including, but not confined to, future global economic conditions, exchange rates, legal provisions, market conditions, activities by competitors and other factors outside of the control of Sandoz. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. Each forward-looking statement speaks only as of the date of the particular statement, and Sandoz undertakes no obligation to publicly revise any forward-looking statements, except as required by law.

REFERENCES

1 Based on March 2025 data from IPD Analytics Evaluate Pharma, covering the period 2026–2035.

ABOUT SANDOZ

Sandoz (SIX: SDZ; OTCQX: SDZNY) is the global leader in affordable medicines, with a growth strategy driven by its Purpose: pioneering access for patients. More than 20,000 people of 100 nationalities work together to ensure 900 million patient treatments are provided by Sandoz, generating substantial global healthcare savings and an even larger social impact. Its leading portfolio of approximately 1,300 products addresses diseases from the common cold to cancer. Headquartered in Basel, Switzerland, Sandoz traces its heritage back to 1886. Its history of breakthroughs includes Calcium Sandoz in 1929, the world’s first oral penicillin in 1951, and the world’s first biosimilar in 2006. In 2024, Sandoz recorded net sales of USD 10.4 billion.

CONTACTS

Global Media Relations contacts	Investor Relations contacts
Global.MediaRelations@sandoz.com	Investor.Relations@sandoz.com
Alexis Kalomparis +41 792 790285	Craig Marks +44 7818 942 383
Chris Lewis +49 174 244 9501	Tamara Hackl +41 79 790 5217
Gregor Rodehueser +49 170 574 3200

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End of Media Release

View original content: EQS News

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Language:	English
Company:	Sandoz Group AG
	Centralbahnstrasse 4
	4051 Basel
	Switzerland
Internet:	www.sandoz.com
ISIN:	CH1243598427
Valor:	124359842
Listed:	SIX Swiss Exchange
EQS News ID:	2223824

End of News	EQS News Service

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2223824  04.11.2025 CET/CEST