Linklaters advises on the agreement to acquire Just-Evotec Biologics EU SAS in Toulouse
Linklaters has advised Sandoz, the global leader in affordable medicines, on the 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 Sandoz’ strategic objective of capitalizing on a projected USD 300 billion biosimilar market opportunity over the next 10 years 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 molecules 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.
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.
Linklaters advised Sandoz on all German and French legal aspects of the transaction. This included drafting and negotiating the transaction documents, advising on the employee participation process under French labor law, and providing tax advice.
The international and cross-practice Linklaters team was led by Dr. Tim Johannsen-Roth (M&A/Corporate, Frankfurt). Other team members included 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), and counsel Alina Kaufmann (M&A/Corporate, Düsseldorf), Atif Wolfgang Bhatti (IP, Frankfurt), Véra Maramzine (M&A/Corporate, Paris), Alice Klein (Employment, Paris), Tobias Rump (Antitrust & Foreign Investment, Düsseldorf). The team also includes 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), 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).
