Sandoz strikes multi-biosimilar deal with China's Shanghai Henlius, up to $322 million on the table

Henlius will hold on to commercial rights within mainland China, Hong Kong, Macau and Taiwan, while Sandoz takes charge everywhere else globally

Swiss pharma major Sandoz has signed a strategic collaboration with Shanghai Henlius Biotech to license three biosimilar drugs, with the potential to expand the partnership to as many as ten products down the line.

Under the agreement, Sandoz gains commercialisation rights outside China to Henlius's biosimilar versions of three established biologics — cetuximab (marketed as Erbitux), evolocumab (marketed as Repatha), and belimumab (marketed as Benlysta) — all currently at various stages of clinical or preclinical development. 

Sandoz will pay Henlius up to $322 million in total upfront and milestone payments across the collaboration, with near-term payments tied to the initial three assets capped at roughly $100.5 million. 

Henlius will hold on to commercial rights within mainland China, Hong Kong, Macau and Taiwan, while Sandoz takes charge everywhere else globally. 

Breaking down the individual assets: the cetuximab biosimilar (HLX05-N) is already in clinical development, the evolocumab biosimilar (HLX16) is in technical development, and the belimumab biosimilar is still at an early development stage. 

Sandoz has also secured an option on a fourth asset — a recombinant human hyaluronidase intended for use in subcutaneous biosimilar formulations. 

Under the arrangement, Henlius will continue to handle development and manufacturing for the products. This isn't the companies' first tie-up — the deal builds on an existing oncology biosimilars partnership between the two firms, following an April 2025 agreement covering an ipilimumab biosimilar across dozens of countries including the US and Europe. 

The move fits into Sandoz's broader push into biosimilars as blockbuster biologics come off patent. 

The company frames the deal as part of its strategy to capture a significant share of the global biosimilar loss-of-exclusivity opportunity expected to unfold over the next decade. 

Sandoz's biosimilars business already contributes meaningfully to its top line — the segment made up 30% of company revenue in 2025, a milestone it hit three years ahead of schedule, with biosimilar sales climbing 13% year-over-year to $3.3 billion.