Evotec To Sell Just-Evotec Biologics Toulouse Site To Sandoz For $300M Cash Plus Royalties, Marking Shift To Asset-Lighter Model
Benzinga Newsdesk 1 year ago
M&ANews
Evotec SE and Sandoz AG signed a non-binding term sheet on a planned sale of Just - Evotec Biologics EU in Toulouse to SandozUnder the proposed deal Evotec would transfer biosimilar manufacturing capabilities to enable
- Evotec SE and Sandoz AG signed a non-binding term sheet on a planned sale of Just - Evotec Biologics EU in Toulouse to Sandoz
- Under the proposed deal Evotec would transfer biosimilar manufacturing capabilities to enable Sandoz to produce biosimilar medicines using Just - Evotec Biologics' advanced continuous manufacturing technology
- The deal terms include the purchase price of the site for around US$ 300 m in cash, and in addition will include further technology related consideration, future development revenues, milestones and product royalties
- Planned transaction marks major milestone in Evotec's strategy to create asset-lighter business model leveraging high-margin offerings, with Just - Evotec Biologics remaining core business for Evotec
- Transaction is expected to immediately improve Evotec's short-, mid-, and long-term revenue mix, profit margins, and capital efficiency