Sandoz's $322M biosimilar deal with Shanghai Henlius
Sandoz just committed up to $322M ($100.5M upfront) to Shanghai Henlius Biotech for ex-China rights to biosimilars of Repatha (evolocumab), Benlysta (belimumab), and Erbitux (cetuximab) — with a framework to expand to 10 molecules total. The Erbitux angle is the real signal: the drug's core patents expired years ago, yet zero biosimilars have reached market because of manufacturing complexity. That's exactly the kind of structural barrier that rewards early pipeline intelligence — knowing which manufacturers are actually capable of executing before a patent cliff opens, not after. Sandoz now sources biosimilars at 30% of its $11.1B 2025 revenue; deals like this show where the next wave of sourcing opportunity is heading.