Just-Evotec Biologics Acquisition, Valuation, Funding & Investors

Just-Evotec Biologics was acquired by Sandoz for $650M in July 2025, a 2.3x multiple on $280M of revenue.

Just-Evotec Biologics acquisition price

$650M

Acquired by Sandoz · Jul 2025

Just-Evotec Biologics revenue at acquisition

$280M

Last twelve months · Jul 2025

Just-Evotec Biologics revenue multiple at acquisition

2.3x

EV/Revenue · Jul 2025

Just-Evotec Biologics EBITDA multiple at acquisition

11.4x

EV/EBITDA · Jul 2025

Just-Evotec Biologics Overview

About Just-Evotec Biologics

Just-Evotec Biologics is a Seattle-area biomanufacturing company focused on biologics development. Acquired by Evotec SE in 2019, it operates facilities in Redmond, Washington, specializing in cell line development, process optimization, and clinical-scale production for antibodies and proteins. Founded in 2014 as Just Biotherapeutics, it employs integrated platforms for rapid scale-up, reducing timelines from DNA to GMP material. Services support clients in oncology and immunology, with capacity for 2,000-liter bioreactors.


Founded

2014

HQ

United StatesSeattle, WA

Status

Acquired

Customer focus

B2B

Revenue model

Services

Revenue

$280M (Jul 2025)

Valuation

$650M (acquired Jul 2025)

Just-Evotec Biologics Acquisition

Just-Evotec Biologics was acquired by Sandoz for $650M on 30 July 2025.

The acquisition price implies a 2.3x revenue and 11.4x EBITDA multiple on $280M of revenue.

Before the acquisition Just-Evotec Biologics had raised $124M across 4 funding rounds.

Just-Evotec Biologics EU SAS, the EU arm of Evotec SE's biologics division, operates a continuous biomanufacturing facility in Toulouse, France, specializing in the proprietary J.POD platform for integrated development and advanced perfusion-based continuous manufacturing of biologics, particularly biosimilars. Sandoz International, a global leader in generic and biosimilar medicines, agreed on November 4, 2025, to acquire 100% of Just-Evotec Biologics EU SAS, including the Toulouse site, following a non-binding term sheet signed on July 30, 2025. The deal provides Sandoz with an indefinite technology license to the J.POD platform for an unlimited number of molecules, up to 10 of which carry royalties targeting a net originator sales market exceeding $90 billion. The transaction structure includes an upfront cash payment of approximately $350 million, plus additional license fees, development revenues, and success-based milestones potentially adding over $300 million in coming years, for a total deal value up to $650 million; it fully replaces prior contractual commitments from partnerships initiated in May 2023 and expanded in July 2024 for biosimilar development and long-term supply access. The acquisition bolsters Sandoz's in-house biosimilar development and manufacturing capabilities to capitalize on the projected $300 billion biosimilars market over the next decade, aligning with its European capital expenditure plans without impacting 2025 guidance. Closing occurred in late 2025 after customary conditions, including French foreign direct investment clearance and works-council consultations, with all Toulouse employees transferring to Sandoz. Evotec views the sale as immediately earnings-accretive, enhancing revenue mix, profit margins, and capital efficiency while transitioning to an asset-lighter model as a scalable technology provider; it retains U.S. and European biologics capabilities and plans to license J.POD more broadly to reduce manufacturing time and costs.

Just-Evotec Biologics acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
30 Jul 2025Strategic M&A$650M2.3x11.4x

Just-Evotec Biologics Funding History

Just-Evotec Biologics has raised a total of $124M across 4 funding rounds.

Just-Evotec Biologics' first fundraising round was a $15M Series A in September 2015. The most recent completed round was a $35M Series B in June 2018.

Just-Evotec Biologics funding rounds

Just-Evotec Biologics funding rounds
DateStageInvestorsRaisedDeal Summary
Jun 2018Series BHillhouse Investment (lead); Temasek; BOCGI Zheshang Capital; Taikang Asset; Lilly Asia Ventures; ARCH Venture Partners$35MHangzhou Just Biotherapeutics, the China joint venture of Seattle-based Just Biotherapeutics, completed a $35 million Series B+ financing in June 2018. Hillhouse Capital led the round, with participation from existing investors Temasek, Lilly Asia Ventures, ARCH Venture Partners, Taikang and BOCGI Zheshang Capital. The company said the proceeds would expand its research and development capabilities globally and speed up clinical trials, and its chief executive said they would also broaden pipeline partnerships. The joint venture was founded in 2016 to develop and commercialise biologics for the Chinese market, and the release put its total financing raised at over $120 million. Just Biotherapeutics itself was later acquired by Evotec in 2019 and renamed Just-Evotec Biologics.
Aug 2017Series BTemasek (lead); Taikang Insurance Group; Bank Of Hangzhou; Lilly Asia Ventures; Bank Of China; ARCH Venture Partners$60M-
Jul 2016Series ABill & Melinda Gates Foundation (lead); M Ventures; Lilly Asia Ventures; ARCH Venture Partners$14MJust Biotherapeutics, founded in 2014 by former Amgen scientists and headquartered in Seattle, developed technology to reduce the cost of protein drug development by integrating the drug-making process from molecule creation through manufacturing plant design. The company integrated software for molecular modeling with efficient and scalable manufacturing processes, and was backed by the Bill & Melinda Gates Foundation, which led a $14 million funding round in 2016 in response to the company's mission to make protein therapeutics cheaper and more accessible for testing treatments for infectious diseases in developing countries. Just Biotherapeutics was acquired by German biotech firm Evotec for up to $90 million in an all-cash deal that closed in mid-2019, with an unspecified portion contingent upon reaching certain milestones over three years. Following the acquisition, Just-Evotec Biologics became a significant growth driver for Evotec, with revenues of €88.5 million in the first half of 2024—a 50% increase from €59 million in the prior year period—driven by higher order volume in the U.S. and the ramp-up of the new J.POD manufacturing facility in Toulouse, France.
Sep 2015Series AM Ventures; Lilly Asia Ventures; ARCH Venture Partners$15M-

Who has invested in Just-Evotec Biologics?

11 investors have backed Just-Evotec Biologics across its funding rounds, including ARCH Venture Partners, Lilly Asia Ventures, Temasek, M Ventures, Hillhouse Investment and Bill & Melinda Gates Foundation.

Lead investors include Hillhouse Investment, Temasek and Bill & Melinda Gates Foundation.


Just-Evotec Biologics Investors

Investors in Just-Evotec Biologics by funding rounds participated
InvestorHQRoundsRoleFirst check
Lilly Asia VenturesChinaShanghai4ParticipantSep 2015
ARCH Venture PartnersUnited StatesChicago, IL4ParticipantSep 2015
TemasekSingaporeSingapore2LeadAug 2017
M VenturesNetherlandsAmsterdam2ParticipantSep 2015
Bill & Melinda Gates FoundationUnited StatesSeattle, WA1LeadJul 2016
Taikang Insurance GroupChinaBeijing1ParticipantAug 2017
Hillhouse InvestmentChinaBeijing1LeadJun 2018
BOCGI Zheshang CapitalChinaHangzhou1ParticipantJun 2018
Taikang AssetChinaBeijing1ParticipantJun 2018

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Just-Evotec Biologics Competitors

Just-Evotec Biologics competitors include listed companies like Kura Oncology and Design Therapeutics, and private ones like Endeavor BioMedicines, Expedition Therapeutics, Lepu Bio and MAXVAX.

Public and private companies comparable to Just-Evotec Biologics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Endeavor BioMedicinesUnited StatesSan Diego, CAPrivate--$650M-
Expedition TherapeuticsUnited StatesSan Francisco, CAPrivate--$650M-
Kura OncologyUnited StatesUnited StatesPublicly listed$67M($303M)$647M1.7x
Design TherapeuticsUnited StatesUnited StatesPublicly listed-($79M)$654M-
Lepu BioChinaShanghaiPrivate--$654M-
MAXVAXChinaChengduPrivate--$646M-

Just-Evotec Biologics Public Comps

Just-Evotec Biologics is no longer listed, but its public comps include Kura Oncology, Design Therapeutics, Oneness Biotech, Guizhou Sanli, Olema Pharmaceuticals, Adlai Nortye, Lepu Biopharma, Geron, WAVE Life Sciences and Helus Pharma.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Kura Oncology$67M($303M)2.3x1.7x(0.5x)(0.5x)
Design Therapeutics-($79M)--(5.7x)-
Oneness Biotech$4M($28M)128.7x135.1x(17.8x)(29.3x)
Guizhou Sanli$256M$22M2.8x-32.0x-
Olema Pharmaceuticals-($178M)--(1.0x)(0.8x)
Adlai Nortye$5M($33M)91.2x29.4x(14.0x)(14.8x)
Lepu Biopharma$140M$57M5.1x5.3x12.6x-
Geron$184M($68M)2.6x2.1x(7.0x)(6.7x)

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Common questions about Just-Evotec Biologics

When was Just-Evotec Biologics founded?Just-Evotec Biologics was founded in 2014.
Where is Just-Evotec Biologics headquartered?Just-Evotec Biologics is headquartered in Seattle, WA, United States.
Is Just-Evotec Biologics publicly listed?No, Just-Evotec Biologics was acquired by Sandoz in July 2025.
Who acquired Just-Evotec Biologics?Just-Evotec Biologics was acquired by Sandoz in July 2025.
How much was Just-Evotec Biologics acquired for?Just-Evotec Biologics was acquired for $650M in July 2025, a 2.3x revenue multiple.
How much funding has Just-Evotec Biologics raised?Just-Evotec Biologics has raised $124M across 4 funding rounds.
What was Just-Evotec Biologics' last funding round?Just-Evotec Biologics' last funding round was a $35M Series B in June 2018, led by Hillhouse Investment.
Who are Just-Evotec Biologics' investors?Just-Evotec Biologics' investors include Lilly Asia Ventures, ARCH Venture Partners, Temasek, M Ventures, Bill & Melinda Gates Foundation, Taikang Insurance Group, Hillhouse Investment, BOCGI Zheshang Capital, Taikang Asset, Bank Of Hangzhou and 1 other.
Which companies are comparable to Just-Evotec Biologics?Companies comparable to Just-Evotec Biologics include Endeavor BioMedicines, Expedition Therapeutics, Kura Oncology, Design Therapeutics, Lepu Bio and MAXVAX.

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