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- Just-Evotec Biologics
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 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
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
Website
Status
Acquired
Customer focus
B2B
Revenue model
Services
Revenue
$280M (Jul 2025)
Valuation
$650M (acquired Jul 2025)
Sectors
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.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 30 Jul 2025 | Strategic M&A | $650M | 2.3x | 11.4x |
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
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jun 2018 | Series B | Hillhouse Investment (lead); Temasek; BOCGI Zheshang Capital; Taikang Asset; Lilly Asia Ventures; ARCH Venture Partners | $35M | Just-Evotec Biologics, originally known as Just Biotherapeutics, is a biologics company based in Seattle focused on next-stage biologics development with efficient technologies, backed by top experienced professionals with over 1,000 years of collective experience in biologics. The company demonstrated strong early growth, achieving over $20 million in revenues in 2018, approximately 3.5 years after inception, and reached approximate EBITDA break-even that year despite being at an early stage. It served foundations and top-tier pharma clients, capitalizing on industry demand in biologics amid a market projected to grow from $670 billion in 2017 to $918 billion by 2022 at a >50% CAGR for cell/gene therapy and biologics segments. In June 2018, Just-Evotec Biologics raised funding from investors including ARCH Venture Partners, BOCGI Zheshang Capital, Hillhouse Investment as lead, Lilly Asia Ventures, Taikang Asset, and Temasek Holdings, with Evotec as a prior major investor fully participating; exact round size not detailed in sources matching the query. No post-money valuation, round amount specifics beyond investor mentions, or valuation/revenue multiples were stated for this round. The proceeds supported operations in the competitive biologics hub of Seattle. Subsequently, Evotec announced the acquisition of all Just Biotherapeutics shares for up to $90 million in cash, including potential performance-based earn-outs tied to milestones expected in 2019-2022, highlighting strong synergy, culture fit, and expansion of Evotec's US biologics footprint. Post-acquisition, Just-Evotec Biologics integrated into Evotec's operations, with ongoing investments in facilities like Toulouse and US J.POD, though 2018 financials reflect standalone high-quality growth prior to the deal. |
| Aug 2017 | Series B | Temasek (lead); Taikang Insurance Group; Bank Of Hangzhou; Lilly Asia Ventures; Bank Of China; ARCH Venture Partners | $60M | - |
| Jul 2016 | Series A | Bill & Melinda Gates Foundation (lead); M Ventures; Lilly Asia Ventures; ARCH Venture Partners | $14M | Just 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 2015 | Series A | M 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Participant | Sep 2015 | ||
| 4 | Participant | Sep 2015 | ||
| 2 | Lead | Aug 2017 | ||
| 2 | Participant | Sep 2015 | ||
| 1 | Lead | Jul 2016 | ||
| 1 | Participant | Aug 2017 | ||
| 1 | Lead | Jun 2018 | ||
| 1 | Participant | Jun 2018 | ||
| 1 | Participant | Jun 2018 | ||
This data is available for Pro users. Sign up to see all 11 Just-Evotec Biologics investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialJust-Evotec Biologics Competitors
Just-Evotec Biologics competitors include listed companies like Neurogene and OmniAb, and private ones like Endeavor BioMedicines, Expedition Therapeutics, Lepu Bio and MAXVAX.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $650M | - | ||
| Private | - | - | $650M | - | ||
| Publicly listed | - | ($99M) | $649M | - | ||
| Private | - | - | $654M | - | ||
| Publicly listed | $19M | ($47M) | $646M | 20.2x | ||
| Private | - | - | $646M | - |
Just-Evotec Biologics Public Comps
Just-Evotec Biologics is no longer listed, but its public comps include Neurogene, OmniAb, Altimmune, Oneness Biotech, Chong Kun Dang Pharma, Phathom Pharmaceuticals, Senores Pharmaceuticals, Medigen Vaccine Biologics, Valneva and Crescent Biopharma.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | ($99M) | - | - | (4.4x) | - | |||
| $19M | ($47M) | 32.8x | 20.2x | (13.0x) | (18.4x) | |||
| $41K | ($95M) | 8292.1x | 29102.1x | (3.6x) | (3.2x) | |||
| $4M | ($29M) | 127.4x | 138.1x | (17.7x) | (30.0x) | |||
| $1.2B | $92M | 0.6x | 0.5x | 7.7x | 8.2x | |||
| $175M | ($160M) | 3.5x | 2.2x | (3.8x) | (19.0x) | |||
| $64M | $21M | 10.9x | 8.8x | 33.3x | 30.6x | |||
| $19M | ($5M) | 31.0x | 26.0x | (118.5x) | (153.9x) | |||
This data is available for Pro users. Sign up to see all Just-Evotec Biologics competitors and their valuation data. Start Free Trial | ||||||||
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, Neurogene, Lepu Bio, OmniAb and MAXVAX. |
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