Linklaters advises Sandoz on agreement to acquire Just‑Evotec Biologics EU SAS including Toulouse site

Linklaters advised Sandoz, the global leader in affordable medicines, on its strategic agreement with Evotec SE to acquire Just‑Evotec Biologics EU SAS (JEB SAS), which includes the Toulouse manufacturing site. The transaction follows a non‑binding term sheet announced on 30 July 2025. Under the agreement, Sandoz will acquire 100% of the issued and outstanding equity interests of JEB SAS and obtain 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; up to 10 molecules will be subject to royalty payments. The agreement also reconfigures the existing partnership model and aligns incentives between the parties through license fees and development‑related expenses, including success‑based milestones that could amount to approximately USD 300 million over the coming years. These terms fully replace existing contractual commitments. Both parties aim to close the transaction in 2025, subject to customary closing conditions, including foreign direct investment clearance by the French authorities. Upon closing, employees of JEB SAS will transfer with the acquired entity and become part of Sandoz. The proposed acquisition supports Sandoz’s strategic objective to capitalise on a projected USD 300 billion biosimilar market opportunity over the next ten years and to establish in‑house capabilities for development and manufacturing of biosimilars using continuous manufacturing technology. Linklaters represented Sandoz with a team composed by: Dr. Tim Johannsen‑Roth (M&A/Corporate, Frankfurt) who led the international and cross‑practice team; partners Dr. Michael Leicht (TMT, Frankfurt), Rich Jones (TMT, London), Pierre Tourres (M&A/Corporate, Paris), Dr. Julian Böhmer (Tax, Düsseldorf), Lionel Vuidard (Employment, Paris), Fanny Mahler (Public Law/Energy & Infrastructure, Paris); counsel Alina Kaufmann (M&A/Corporate, Düsseldorf), Atif Wolfgang Bhatti (IP, Frankfurt), Véra Maramzine (M&A/Corporate, Paris), Alice Klein (Employment, Paris) and Tobias Rump (Antitrust & Foreign Investment, Düsseldorf). The team also included Managing Associates Dr. Benedikt Schewe (Tax Law, Düsseldorf), Kristina Willmes (M&A/Corporate, Düsseldorf), Cécile Boulé (Employment, Paris), Thibaud Troublaïewitch (Public Law/Energy & Infrastructure, Paris), Lars Harzmeier (LAI, Frankfurt), Raphaël Ben Chemhoun (M&A/Corporate, Paris) and Farah Alabed (M&A/Corporate, Paris); and Associates Dr. Philipp Roebers (M&A/Corporate, Düsseldorf), Dr. Charlotte Kieslich (IP, Frankfurt), Antonia Mertens (TMT, Frankfurt), Charlie Hanser (M&A/Corporate, Paris), Marie‑Andrée Djiena (M&A/Corporate, Paris), Baptiste Garde (Public Law/Energy & Infrastructure, Paris), Thalea Dreke (IP, Frankfurt) and Louise Jarlégand (Public Law/Energy & Infrastructure, Paris).

Linklaters advises Sandoz on agreement to acquire Just‑Evotec Biologics EU SAS including Toulouse site

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