Biosimilars Alliance Grows
Sandoz and Henlius Deepen Alliance, Expanding Biosimilar Portfolio to Ten Assets in $322M Deal
Key Points
Milestone-based consideration totals up to USD 322 million, with near-term invoiced amounts potentially reaching USD 100.5 million in 2026; the structure includes development milestones up to USD 160 million and commercial milestones up to USD 77 million.
Initial asset bundle includes cetuximab biosimilar HLX05-N, evolocumab biosimilar HLX16, belimumab biosimilar, plus an option for recombinant human hyaluronidase for subcutaneous delivery, with Sandoz receiving exclusive rights outside China for these assets.
April 2025, HLX13 ipilimumab biosimilar was already under an exclusive commercialization arrangement across 46 countries and regions; the new deal expands Sandoz’s exclusive rights for up to 10 partnered products outside China, broadening its global footprint.
Context on market potential: Evolocumab generated about $6.6 billion, belimumab about $2.5 billion, and cetuximab about $1.7 billion in 2025, highlighting the scale of opportunities for biosimilars in these categories.
The collaboration would push Sandoz’s biosimilar pipeline from 39 to as many as 46 assets, reinforcing its leadership position in affordable biologics.
Sandoz and Shanghai Henlius Biotech have struck a deal worth up to $322 million to develop and sell as many as 10 biosimilar drugs outside China. The agreement pushes Sandoz's biosimilar pipeline from 39 to as many as 46 assets, reinforcing its position as a global leader in affordable biologics, according to Investing.com.
Sandoz shares jumped more than 2% on the news, according to Investing.com. The deal deepens an existing oncology partnership between the two companies and expands into high-value drug categories targeting cancer, heart disease, and autoimmune conditions.
What the $322 Million Deal Actually Covers
The initial bundle includes three biosimilars: HLX05-N (a cetuximab copy), HLX16 (an evolocumab copy), and a belimumab biosimilar. Sandoz also gets an option on a fourth asset — a recombinant human hyaluronidase used for under-the-skin drug delivery. Henlius handles all development and manufacturing. Sandoz gets exclusive rights to sell the drugs everywhere outside China, according to BioPharma APAC.
The deal is structured around milestones. Development milestones could pay out up to $160 million. Commercial milestones add up to $77 million more. Near-term invoiced amounts in 2026 alone could reach $100.5 million, according to Manufacturing Chemist.
Blockbuster Originals Make Biosimilar Copies Very Valuable
The three lead drugs copy some of the world's best-selling medicines. Evolocumab, which lowers cholesterol, generated about $6.6 billion in sales in 2025. Belimumab, used for lupus, brought in around $2.5 billion. Cetuximab, a cancer drug, added another $1.7 billion, according to BioPharma APAC.
Biosimilars are cheaper copies of complex biological drugs. They become available after the original drug's patent expires. These three originals are nearing that window, making biosimilar versions a major commercial opportunity for both companies.
Sandoz Builds a Bigger Pipeline Through Henlius Partnership
This is not the first time the two companies have worked together. Back in April 2025, Sandoz already held exclusive commercialization rights to HLX13, an ipilimumab biosimilar, across 46 countries and regions. The new deal expands that relationship to cover up to 10 products, according to Manufacturing Chemist.
The expanded deal also includes monoclonal antibody and antibody-drug conjugate biosimilars — a newer class of precision cancer treatments. Sandoz now has one of the broadest biosimilar pipelines in the industry, with up to 46 total assets, according to WHBL.
Why Biosimilars Are Gaining Ground Fast
Dozens of top-selling biologics will lose patent protection over the next decade. That creates a huge opening for biosimilar makers. Sandoz and Henlius are positioning early to capture that market. The goal, both companies say, is to bring down costs and get effective medicines to more patients around the world.
Henlius acts as the upstream supplier — it discovers, develops, and makes the drugs. Sandoz handles global sales and distribution outside China. The split lets each company focus on what it does best, according to BioPharma APAC.
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