04:22 AM EDT, 07/30/2025 (MT Newswires) -- Evotec (EVO) said Wednesday it signed a nonbinding agreement with Sandoz for the potential sale of the Just - Evotec Biologics EU site in Toulouse, France, for roughly $300 million in cash.

Under the proposed deal, Sandoz would assume full ownership of the site, with Evotec to retain economic upside via revenue, milestones and royalty optionality.

The deal terms include further technology-related consideration, future development revenue, milestones and product royalties, Evotec said.

The company's shares were up 4.5% in recent premarket activity.