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The PwC Deals team is pleased to announce that Sandoz will acquire Just-Evotec Biologics EU SAS (JEB SAS), subject to customary closing conditions. PwC provided financial due diligence, tax due diligence, labour law due diligence and SPA advisory services to Sandoz.
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.
The transaction was announced on November 4, 2025. Closing is planned for end of year 2025.
