- Exclusive option rights for up to 37 potential first-to-market biosimilar candidates to significantly expand Fresenius’ portfolio from 29 marketed and pipeline molecules today to up to 66 in the next decade, addressing more than €370 billion in originator sales; the largest development agreement announced in the biosimilars industry to date.
- Agreement gives Fresenius full strategic flexibility to select and advance biosimilar candidates to develop, against its established selection criteria, while retaining full commercialization economics of products under the agreement.
- Fresenius will determine the long-term manufacturing strategy for each candidate, with optionality to leverage the mAbxience network, wholly owned since October 2026.
- The next-generation portfolio spans 13 therapeutic areas and multiple biologic technologies, including monoclonal and bispecific antibodies, antibody-drug conjugates and fusion proteins.
Fresenius SE & Co. KGaA (XETR: FRE; OTCM: FSNUY) today announced that it has entered an exclusive development agreement with WuXi Biologics (2269.HK), a leading global contract organization for research, development and manufacturing. WuXi Biologics brings proven large-scale biologics development and manufacturing capability, a track record across monoclonal and bispecific antibodies and antibody-drug conjugates, and a worldwide network spanning Europe, the United States, China and Singapore. The agreement significantly expands and accelerates Fresenius’ biosimilars pipeline while preserving strategic flexibility and disciplined capital allocation. It provides access to a scalable pathway to increase the portfolio from 29 marketed and pipeline molecules today to up to 66 molecules, addressing more than €370 billion in originator list-price-based-sales, extending Biopharma growth in the long term beyond its 2030 ambition.
The agreement provides Fresenius with exclusive access to up to 37 identified biosimilar candidates over the next decade, making it the largest development agreement announced in the biosimilars industry to date. Development programs will be selected and advanced against Fresenius’ established selection criteria, based on market attractiveness, development risk, and expected returns. Fresenius will hold exclusive global commercialization rights, including marketing authorizations, and the full economics of each commercialized product under the agreement.
Michael Sen, Chief Executive Officer of Fresenius, said: “We are doubling down on our Biopharma business. With this agreement we are gaining access to development capabilities in a market where speed and scale are of the essence. It provides a disciplined, scalable way to potentially triple our portfolio while retaining economic ownership, strategic control and the flexibility to allocate capital to the most compelling opportunities. Combined with the full ownership of mAbxience, this fuels our Biopharma growth well beyond 2030.”
The next-generation portfolio is expected to span 13 therapeutic areas, including expanding into neurology, nephrology and cardiopulmonary, while further strengthening Fresenius’ established positions in oncology, immunology, and gastroenterology. It will encompass multiple biologic technologies, including monoclonal and bispecific antibodies, antibody-drug conjugates and fusion proteins. Initial development is expected to focus on polatuzumab vedotin, an antibody-drug conjugate for the treatment of diffuse large B-cell lymphoma, and teprotumumab, a monoclonal antibody for the treatment of thyroid eye disease.
The agreement forms part of a balanced pipeline expansion strategy through internal R&D, targeted collaboration, and selective in-licensing. It gives Fresenius privileged access to the rapidly advancing biotech landscape worldwide and combines this with Fresenius’ global manufacturing and commercialization network. Development activities are expected to be conducted using WuXi Biologics’ global network. Building on the recent acquisition of Spain-headquartered mAbxience, the agreement significantly expands the funnel of potential development candidates for Fresenius’ wholly owned platform, enabling greater value capture across the development, manufacturing and commercialization value chain.
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Small-scale bioreactors used during biosimilar development to evaluate and optimize cell-culture conditions and bioprocess parameters, generating data to support molecule characterization and subsequent scale-up. Download -
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Scientific visualization of a monoclonal antibody binding to a specific target on a cell surface, illustrating the targeted mechanism of action of antibody-based biologic medicines. Download -
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Fresenius Headquarter in Bad Homburg, Germany. Download Image (JPEG 4066KB)
Financial Considerations
Fresenius’ full-year 2026 guidance remains unchanged, and the company confirms the 2030 Biopharma ambition announced in December 2025 of – approximately doubling Biopharma revenue compared with 2025 at an EBIT margin of around 20% – which relates to the existing marketed and late-stage portfolio. The agreement is additive, expanding the opportunity beyond 2030, and, as a result, Fresenius expects to raise its long-term Biopharma ambitions significantly.
Under the terms of the agreement, Fresenius will compensate WuXi Biologics on a fee-for-service basis for each biosimilar candidate that Fresenius selects for development. Research and development investment scales only as selected programs progress, with each option exercised against Fresenius’ established selection criteria (market attractiveness, development risk, and expected returns). Fresenius will determine the long-term manufacturing strategy for each biosimilar candidate, including the potential progressive transfer of selected products to mAbxience. Fresenius will hold exclusive global commercialization rights, including marketing authorizations, and the full economics of each commercialized product under the agreement.
As selected candidates advance, Biopharma research and development expenditure and profitability will correspondingly reflect the increased level of investment during the development phase, ahead of future revenue and profitability growth.
The agreement fits within Fresenius’ unchanged financial framework, with continued priority on a strong balance sheet and further deleveraging; it is funded from operating cash flow and requires no new financing. Fresenius is rated BBB with a positive outlook by S&P, Baa3 with a stable outlook by Moody’s, and BBB- with a positive outlook by Fitch.
Related Publications
The 1 October 2026 announcement of Fresenius' acquisition of the remaining 45% of mAbxience is available here. The 31 March 2022 announcement of Fresenius Kabi's acquisition of a 55% majority stake in mAbxience is available here, and the 1 August 2022 completion announcement here. The Biopharma 'Meet the Management' presentation of 15 December 2025 is available here
About polatuzumab vedotin
Polatuzumab vedotin is an antibody-drug conjugate (ADC) marketed under the brand name Polivy® for the treatment large B-cell lymphoma (DLBCL), the most common subtype of non-Hodgkin lymphoma.1
Globally, DLBCL accounts for approximately one-third of non-Hodgkin lymphomas.² In 2024, more than 562,000 new cases of non-Hodgkin lymphoma were diagnosed worldwide, with approximately 235,000 deaths attributed to the disease.3
The polatuzumab vedotin ADC comprises a monoclonal antibody directed against CD79b, a protein expressed on B cells including DLBCL cells, linked to the microtubule-disrupting agent monomethyl auristatin E (MMAE) through a cleavable linker. Following binding to CD79b, the ADC is internalized and MMAE is released, disrupting microtubules and leading to cell death.1
Polivy® is administered by intravenous infusion and is a registered trademark of Genentech, Inc.
About teprotumumab
Teprotumumab is a human monoclonal antibody marketed under the brand name Tepezza® for the treatment of thyroid eye disease (TED), a rare autoimmune condition associated with Graves' disease.4 TED is estimated to affect approximately 16 women and 3 men per 100,000 people annually, with around 25-50% of patients with Graves' disease developing signs and symptoms of TED.5
Teprotumumab binds to and inhibits the insulin-like growth factor-1 receptor (IGF-1R), a receptor involved in cellular signaling pathways associated with the development and progression of TED. By inhibiting IGF-1R signaling, teprotumumab helps reduce the inflammatory and tissue-remodeling processes associated with the disease. Tepezza® is administered by intravenous infusion and is a registered trademark of Amgen Inc.
References
[1] Polivy® (polatuzumab vedotin-piiq) U.S. Prescribing Information. Available at: https://www.accessdata.fda.gov/drugsatfda_docs/label/2023/761121s008lbl.pdf [Last accessed October 2026].
[2] Wang, S. S. (2023) Epidemiology and Etiology of Diffuse Large B-Cell Lymphoma (DLBCL). Semin. Hematol. 60, 255–266.
[3] International Agency for Research on Cancer. Global Cancer Observatory: Non-Hodgkin Lymphoma Fact Sheet, GLOBOCAN 2024. Available at: https://gco.iarc.who.int/media/globocan/factsheets/cancers/34-non-hodgkin-lymphoma-fact-sheet.pdf [Last accessed October 2026]
[4] Tepezza® (teprotumumab-trbw) U.S. Prescribing Information. Available at: https://www.accessdata.fda.gov/drugsatfda_docs/label/2023/761143s012lbl.pdf [Last accessed October 2026].
[5] Moledina, M., Damato, E. M. & Lee, V. (2024) The changing landscape of thyroid eye disease: current clinical advances and future outlook. Eye 38, 1425-37.
Cautionary Statement on Forward-Looking Statement
This release contains forward-looking statements that are subject to various risks and uncertainties including statements regarding the potential number of biosimilar candidates developed under the agreement with WuXi Biologics, the resulting pipeline size (including references to "up to 66" molecules), the timing and scope of any transfer of manufacturing to the mAbxience network, and Fresenius' growth prospects beyond 2030. Whether, when and how many candidates are developed under the agreement remains subject to Fresenius' future exercise of options on a candidate-by-candidate basis, and no assurance can be given that any, or all, of the identified candidates will be developed or will reach the market. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, the availability of financing and unforeseen impacts of international conflicts. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
Fresenius has published its updated Human Rights Statement and reaffirms its commitment to respecting human rights across its operations, value chains and business relationships. The statement explains how human rights are addressed throughout the company, including clear responsibilities, risk-based due diligence processes, preventive and remedial measures, and reporting channels for potential misconduct.
As a global healthcare company, Fresenius has a responsibility toward patients, employees, business partners and the communities in which it operates. Respect for human rights is therefore an important principle that guides responsible business conduct across the Group.
The updated statement gives an overview of Fresenius’ approach to human rights and introduces five human rights priority areas. These highlight the topics that are most closely connected to the company's business activities and where impact on people may be most relevant.
The Human Rights Statement is available here: Human Rights Statement | FSE
- Marc-Alexander Mahl appointed to the Fresenius Management Board; Mahl succeeds Pierluigi Antonelli and will be responsible for the Fresenius Kabi businesses
- Fresenius CFO Sara Hennicken’s contract extended for another five years
- Sébastien Guery assumes overall responsibility for the Nutrition business at Fresenius Kabi
- Leadership team set for the next phase of #FutureFresenius
The Supervisory Board of Fresenius has unanimously appointed Dr. Marc-Alexander Mahl (58) to the Fresenius Management Board, effective November 1, 2026. He will be responsible for the Fresenius Kabi businesses. Mahl succeeds Pierluigi Antonelli, who is leaving the company for personal reasons. At the same time, the Supervisory Board has extended the contract of Chief Financial Officer (CFO) Sara Hennicken (46) for another five years. Her contract will therefore run until 2032.
“On behalf of the Supervisory Board, I would like to thank Pierluigi Antonelli for our successful collaboration built on mutual trust. Thanks to the consistent implementation of #FutureFresenius at Fresenius Kabi, all businesses are now excellently positioned in their respective growth markets and make a significant contribution to the company’s success. We wish Mr. Antonelli all the very best in his future endeavors,” said Wolfgang Kirsch, Chairman of the Supervisory Board of Fresenius. He added: “At the same time, I am delighted that in Marc-Alexander Mahl we have been able to bring an accomplished physician and experienced executive with more than 20 years of leadership experience at Fresenius to the Group Management Board. He is already responsible for two strategically important businesses, Pharma and Nutrition, and has played a key role in shaping their strategic direction as part of #FutureFresenius. The focus now is on consistently expanding the Biopharma, MedTech and Nutrition growth vectors. We very much look forward to working with him in his expanded role and are confident that he will continue the growth trajectory of all Fresenius Kabi businesses.”
Marc-Alexander Mahl will continue to lead the Pharma Business Unit. Given its growing strategic importance, the Nutrition business will in future be managed as a standalone Business Unit under the leadership of Sébastien Guery. Guery has been responsible for the Nutrition business since April 2024 and previously held several management positions at other international companies, including Sandoz, DuPont Nutrition & Biosciences and McKinsey. In his expanded role, Guery will report directly to Marc-Alexander Mahl, who is responsible for the Fresenius Kabi businesses on the Fresenius Management Board.
At the same time, the Supervisory Board has extended the contract of CFO Sara Hennicken for another five years. Her contract will now run until 2032. "Sara Hennicken has played a pivotal role in shaping the successful execution of #FutureFresenius from the very beginning. Thus, we very much look forward to continuing our successful collaboration with her," said Kirsch.
“I would like to congratulate Sara Hennicken and Marc-Alexander Mahl and very much look forward to continuing our work together on the Management Board. On behalf of the Management Board, I would also like to thank Pierluigi Antonelli for the excellent collaboration over the past years and wish him all the very best for the future. Looking ahead, the medical nutrition business will play an even more important role for the company as a whole. I am therefore very pleased that Sébastien Guery will now assume overall responsibility for the Nutrition business,” added Michael Sen, Chief Executive Officer of Fresenius.
Leadership team set for the next phase of #FutureFresenius
With these decisions and the further strengthening of its operating businesses, Fresenius is putting its leadership team in place for the next phase of #FutureFresenius and underscoring its ambition to create sustainable value through profitable, innovation-driven growth.
Dr. Marc-Alexander Mahl has headed Fresenius’ Pharma and Nutrition businesses since May 2023. In addition, he oversees sustainability activities in these businesses. Mahl has been with Fresenius since July 2001, with a brief interruption, and has since held various management positions with regional and global responsibilities. Since 2011, he has been responsible for the global Pharma business. In parallel, Mahl served as President of Medicines for Europe and as a member of the Executive Committee of the German industry association for specialized nutrition. Mahl studied medicine, is a specialist in transfusion medicine and holds an MBA from INSEAD.
Sara Hennicken has been Chief Financial Officer of Fresenius since September 2022. In this role, she is responsible for Finance, IT and Cybersecurity. She joined the company in 2019 as Senior Vice President Global Treasury & Corporate Finance for Fresenius and Fresenius Medical Care. Prior to that, she spent 14 years in investment banking, most recently serving as Managing Director at Deutsche Bank. From 2005 to 2010, Hennicken worked at Citigroup in Frankfurt and London. She studied economics in Germany and the United States.
About Fresenius
Fresenius SE & Co. KGaA (XETR: FRE; OTCM: FSNUY) is a global healthcare company headquartered in Bad Homburg vor der Höhe, Germany. In the full-year 2025, Fresenius generated €22.6 billion (excluding special items) in annual revenue. Fresenius employs more than 178,000 people. The Fresenius Group comprises the operating companies Fresenius Kabi and Fresenius Helios as well as an investment in the separately listed Fresenius Medical Care AG. With around 140 hospitals, 330 outpatient facilities and 300 occupational risk prevention centres, Fresenius Helios is the leading private hospital operator in Germany and Spain, treating around 27 million patients every year. Fresenius Kabi’s product portfolio touches the lives of 450 million patients annually and includes a range of highly complex biopharmaceuticals, clinical nutrition, medical technology, and intravenous generic drugs and fluids. Fresenius was established in 1912 by the Frankfurt pharmacist Dr. Eduard Fresenius. After his death, Else Kröner took over management of the company in 1952. She laid the foundations for a global enterprise that today pursues the goal of improving people’s health. The largest shareholder is the non-profit Else Kröner Fresenius Foundation, which is dedicated to advancing medical research and supporting humanitarian projects.
For more information, visit fresenius.com and follow Fresenius Investor Relations on LinkedIn.
About Fresenius Medical Care
Fresenius Medical Care AG is an independent, separately listed company (XETR: FME; NYSE: FMS), in which Fresenius SE & Co. KGaA holds a financial investment of approximately 25%; Fresenius Medical Care's results are not consolidated in the Fresenius Group's revenue and earnings.
Forward-Looking Statements
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, the availability of financing and unforeseen impacts of international conflicts. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
Correspondence Address
Fresenius SE & Co. KGaA
Registered Office: Bad Homburg, Germany
Commercial Register: Amtsgericht Bad Homburg, HRB 11852
Chairman of the Supervisory Board: Wolfgang Kirsch
Fresenius Management SE
Registered Office: Bad Homburg, Germany
Commercial Register: Amtsgericht Bad Homburg, HRB 11673
Management Board: Michael Sen (Chairman), Pierluigi Antonelli, Sara Hennicken, Dr. Michael Moser, Dr. Christian Pawlu
Chairman of the Supervisory Board: Wolfgang Kirsch
Securities Information
Fresenius SE & Co. KGaA is listed on the Frankfurt Stock Exchange and is a member of the DAX 40 index. The shares are traded on Xetra, the electronic trading venue of Deutsche Börse, under the ticker FRE.
ISIN: DE000FRE5EN2 ● German Securities Code: FRE5EN
American Depository Receipts
Fresenius SE & Co. KGaA maintains a sponsored Level I American Depositary Receipt programme, traded over the counter in the United States on the OTC Markets platform under the ticker FSNUY, at a ratio of four American Depositary Receipts to one ordinary share. Depositary bank: J.P. Morgan Chase Bank N.A.
ISIN: US35804M1053 ● CUSIP: 35804M105
Contacts
For Media contacts, click here, and to contact Investor Relations, click here.
- Marc-Alexander Mahl appointed to the Fresenius Management Board; Mahl succeeds Pierluigi Antonelli and will be responsible for the Fresenius Kabi businesses
- Fresenius CFO Sara Hennicken’s contract extended for another five years
- Sébastien Guery assumes overall responsibility for the Nutrition business at Fresenius Kabi
- Leadership team set for the next phase of #FutureFresenius
The Supervisory Board of Fresenius has unanimously appointed Dr. Marc-Alexander Mahl (58) to the Fresenius Management Board, effective November 1, 2026. He will be responsible for the Fresenius Kabi businesses. Mahl succeeds Pierluigi Antonelli, who is leaving the company for personal reasons. At the same time, the Supervisory Board has extended the contract of Chief Financial Officer (CFO) Sara Hennicken (46) for another five years. Her contract will therefore run until 2032.
“On behalf of the Supervisory Board, I would like to thank Pierluigi Antonelli for our successful collaboration built on mutual trust. Thanks to the consistent implementation of #FutureFresenius at Fresenius Kabi, all businesses are now excellently positioned in their respective growth markets and make a significant contribution to the company’s success. We wish Mr. Antonelli all the very best in his future endeavors,” said Wolfgang Kirsch, Chairman of the Supervisory Board of Fresenius. He added: “At the same time, I am delighted that in Marc-Alexander Mahl we have been able to bring an accomplished physician and experienced executive with more than 20 years of leadership experience at Fresenius to the Group Management Board. He is already responsible for two strategically important businesses, Pharma and Nutrition, and has played a key role in shaping their strategic direction as part of #FutureFresenius. The focus now is on consistently expanding the Biopharma, MedTech and Nutrition growth vectors. We very much look forward to working with him in his expanded role and are confident that he will continue the growth trajectory of all Fresenius Kabi businesses.”
Marc-Alexander Mahl will continue to lead the Pharma Business Unit. Given its growing strategic importance, the Nutrition business will in future be managed as a standalone Business Unit under the leadership of Sébastien Guery. Guery has been responsible for the Nutrition business since April 2024 and previously held several management positions at other international companies, including Sandoz, DuPont Nutrition & Biosciences and McKinsey. In his expanded role, Guery will report directly to Marc-Alexander Mahl, who is responsible for the Fresenius Kabi businesses on the Fresenius Management Board.
At the same time, the Supervisory Board has extended the contract of CFO Sara Hennicken for another five years. Her contract will now run until 2032. "Sara Hennicken has played a pivotal role in shaping the successful execution of #FutureFresenius from the very beginning. Thus, we very much look forward to continuing our successful collaboration with her," said Kirsch.
“I would like to congratulate Sara Hennicken and Marc-Alexander Mahl and very much look forward to continuing our work together on the Management Board. On behalf of the Management Board, I would also like to thank Pierluigi Antonelli for the excellent collaboration over the past years and wish him all the very best for the future. Looking ahead, the medical nutrition business will play an even more important role for the company as a whole. I am therefore very pleased that Sébastien Guery will now assume overall responsibility for the Nutrition business,” added Michael Sen, Chief Executive Officer of Fresenius.
Leadership team set for the next phase of #FutureFresenius
With these decisions and the further strengthening of its operating businesses, Fresenius is putting its leadership team in place for the next phase of #FutureFresenius and underscoring its ambition to create sustainable value through profitable, innovation-driven growth.
Dr. Marc-Alexander Mahl has headed Fresenius’ Pharma and Nutrition businesses since May 2023. In addition, he oversees sustainability activities in these businesses. Mahl has been with Fresenius since July 2001, with a brief interruption, and has since held various management positions with regional and global responsibilities. Since 2011, he has been responsible for the global Pharma business. In parallel, Mahl served as President of Medicines for Europe and as a member of the Executive Committee of the German industry association for specialized nutrition. Mahl studied medicine, is a specialist in transfusion medicine and holds an MBA from INSEAD.
Sara Hennicken has been Chief Financial Officer of Fresenius since September 2022. In this role, she is responsible for Finance, IT and Cybersecurity. She joined the company in 2019 as Senior Vice President Global Treasury & Corporate Finance for Fresenius and Fresenius Medical Care. Prior to that, she spent 14 years in investment banking, most recently serving as Managing Director at Deutsche Bank. From 2005 to 2010, Hennicken worked at Citigroup in Frankfurt and London. She studied economics in Germany and the United States.
Images for Editorial Use:
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, the availability of financing and unforeseen impacts of international conflicts. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
Fresenius SE & Co. KGaA
Registered Office: Bad Homburg, Germany / Commercial Register: Amtsgericht Bad Homburg, HRB 11852
Chairman of the Supervisory Board: Wolfgang Kirsch
General Partner: Fresenius Management SE
Registered Office: Bad Homburg, Germany / Commercial Register: Amtsgericht Bad Homburg, HRB 11673
Management Board: Michael Sen (Chairman), Pierluigi Antonelli, Sara Hennicken, Dr. Michael Moser, Dr. Christian Pawlu
Chairman of the Supervisory Board: Wolfgang Kirsch
Fresenius announced today that the Company's Q3 2026 Aide Memoire is now available on the Company's Investor Relations overview section.
As a service to capital market participants, Fresenius provides a quarterly Aide Memoire ahead of the publication of the Company's quarterly results. This document includes a summary of relevant information that Fresenius has communicated previously or made publicly available to the capital market or otherwise. Fresenius' Q3 2026 financial results will be published on November 4, 2026.
- Acquisition of the remaining 45% stake in mAbxience establishes a wholly owned, vertically integrated biopharma business covering the full value chain from research through commercialization
- Full ownership enhances control over future investments, manufacturing capacity, and decision-making; strengthening Fresenius' competitive position in the fast-growing biosimilars market of more than €180 billion by 2035
- Transaction supports the #FutureFresenius strategy by increasing exposure to a scalable, high-growth biopharma platform, and enabling full participation in future value creation
- The acquisition is expected to be immediately accretive to Group core earnings per share from completion
Fresenius SE & Co. KGaA (XETR: FRE; OTCM: FSNUY) today announced that it has acquired the remaining 45% of mAbxience Holding S.L. (mAbxience) from Insud Pharma S.L. and Invim Corporativo, S.L. for a total consideration of up to €750 million including a contingent payment of €50 million upon site-approvals. The transaction was signed and completed on 30 September 2026 with no regulatory approvals required.
Fresenius acquired a 55% majority stake in mAbxience in August 2022 and has controlled and consolidated the business since then. Full ownership completes that structure: the biosimilars platform is now wholly owned within Fresenius Kabi’s Biopharma business, which covers the full value chain from research through to commercialization.
The acquisition builds on a successful partnership that has already delivered important development, manufacturing, technology-transfer, and regulatory milestones. Taking full ownership gives Fresenius the entire economic benefit of the platform and greater strategic flexibility to invest in manufacturing capacity, select future biosimilar opportunities, and pursue licensing partnerships at a time when a large wave of biologics is losing exclusivity. This fast-growing market is expected to grow approximately six times by 2035 to more than €180 billion. Bringing the organizations together under full ownership creates a stronger platform to enhance quality, supply resilience, and operational freedom, while supporting future innovation, and broader patient access to high-quality biosimilars. The transaction is consistent with the capital allocation priorities set out under #FutureFresenius.
Michael Sen, Chief Executive Officer of Fresenius, said: “Completing the acquisition of mAbxience marks the next milestone in building a leading, vertically integrated biopharma business at scale. When we first invested in mAbxience four years ago, the market opportunity was promising but still evolving. Our initial majority stake gave us access to a highly competitive platform while managing risk. Since then, the market has developed strongly, mAbxience has delivered, and Fresenius now has the financial strength to take this next step. Full ownership gives us complete control over cost, capacity and launch timing, and full economic benefit, as the next wave of biologics loses exclusivity. For patients, that means dependable access to high-quality biosimilars; for shareholders, it is a disciplined investment in a business we know well.”
Jurgen Van Broeck, Chief Executive Officer of mAbxience, said: “mAbxience was founded to serve patients, while proving that world-class biologics could be developed and manufactured at a cost the world could afford. Since 2022, our partnership with Fresenius has demonstrated the strength of combining our people, expertise, and capabilities. I would also like to recognize and thank Insud Pharma for its support and commitment over the past decade. The success of mAbxience today is built on the vision, dedication and hard work of many people who have contributed to this journey from the very beginning. Full ownership is the natural next step and creates an even stronger platform for innovation, growth, and long-term impact for patients, customers, and partners. As we begin this next chapter together, we will continue to build on the entrepreneurial spirit, scientific expertise, and commitment to patients that have driven mAbxience’s success.”
mAbxience is a leading global biopharmaceutical company that operates three multi-product state-of-the-art drug substance facilities in Spain and Latin America and employs over 1,300 people. mAbxience develops and manufactures biosimilar monoclonal antibodies and provides contract development and manufacturing services to partners. In 2025 mAbxience generated more than €320 million in revenue and contributed earnings before interest, taxes, depreciation, and amortization (EBITDA) margin that was accretive to the overall Fresenius Kabi margin. Its portfolio comprises four products on the market and eight candidates in development. Together with Fresenius Kabi’s development, regulatory, and commercial capabilities it covers the full value chain from laboratory to patient.
Jurgen Van Broeck, Chief Executive Officer of mAbxience, will continue to lead the business, reporting to Dr. Sang-Jin Pak, President Biopharma at Fresenius.
Full ownership positions the platform for further scale, including pipeline expansion opportunities, within Fresenius’ unchanged financial framework.
Financial Considerations
- Consideration: Up to €750 million in cash, including a contingent payment of €50 million upon site-approvals.
- Funding: Available liquidity and operating cash flow. No new financing was required.
- Balance sheet: The consideration settles the put option liability over the 45% non-controlling interest recognized in the Group’s consolidated balance sheet. Following the transaction, net debt to EBITDA is expected to increase by approximately 20 basis points, while leverage for the full year is expected to be towards the lower end of the self-imposed target corridor of 2.5x to 3.0x.
- Accounting: Under International Financial Reporting Standards, the acquisition of a non-controlling interest is an equity transaction; no goodwill arises. A 45% non-controlling interest has been presented to date: The transaction is expected to be immediately accretive to Group core earnings per share.
- Returns: The investment is expected to further improve the return on invested capital (ROIC) already above Fresenius’ cost of capital after the integration, in line with the Group’s capital allocation criteria.
- Credit ratings: Fresenius is rated BBB (outlook positive) by S&P, Baa3 (outlook stable) by Moody’s and BBB- (outlook positive) by Fitch. A strong balance sheet and continued deleveraging remain priorities.
Guidance: No change to full-year 2026 guidance or to the 2030 Biopharma ambition of approximately doubling revenue compared with 2025 at an EBIT margin of around 20%.
Notes to Editors
The 31 March 2022 announcement of Fresenius Kabi’s acquisition of a 55% majority stake in mAbxience is available here, and the 1 August 2022 completion announcement here. The Biopharma ‘Meet the Management’ presentation of 15 December 2025 is available here.
About mAbxience
mAbxience is a Spanish-based company specializing in the development, production and commercialization of biopharmaceuticals. mAbxience is a wholly owned company of Fresenius SE & Co. KGaA and part of Fresenius Kabi's Biopharma business.
With over fifteen years of expertise, mAbxience's mission is clear: to provide accessible, affordable medicines across the globe, aiming to enhance quality of life by ensuring universal access to high-caliber medicines. With four approved products and a robust pipeline in development, mAbxience has established a B2B presence in over 100 markets. Alongside this, the company has formed a network with more than 40 partners and built a dedicated team of over 1,300 professionals. Its three multiproduct facilities, located in Europe and South America, have obtained GMP approval from esteemed regulatory bodies, including the FDA, EMA and others. Furthermore, as a global biopharmaceutical expert, mAbxience specializes in Contract Development and Manufacturing Organization (CDMO) services, utilizing advanced technology and innovative platforms to deliver integrated manufacturing solutions.
For more information, visit www.mabxience.com or connect with mAbxience on LinkedIn.
About Fresenius
Fresenius (XETR: FRE; OTCM: FSNUY) is a global, therapy-focused healthcare company dedicated to saving and improving human lives around the world. Through Fresenius Kabi and Fresenius Helios, the company delivers system-critical, innovative and affordable healthcare across the full continuum of care: Fresenius Kabi is a leading provider of lifesaving medicines, medical nutrition, and medical technologies for critically and chronically ill patients, reaching around 450 million people each year. Fresenius Helios is Europe’s largest private hospital operator, treating around 27 million patients annually.
With more than 178,000 employees and operating in more than 60 countries, Fresenius generated €22.6 billion in revenue in 2025.
For more information, visit www.fresenius.com and follow Fresenius on LinkedIn.
Cautionary Statement on Forward-Looking Statements
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, the availability of financing and unforeseen impacts of international conflicts. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
Fresenius SE & Co. KGaA
Registered Office: Bad Homburg, Germany / Commercial Register: Amtsgericht Bad Homburg, HRB 11852
Chairman of the Supervisory Board: Wolfgang Kirsch
General Partner: Fresenius Management SE
Registered Office: Bad Homburg, Germany / Commercial Register: Amtsgericht Bad Homburg, HRB 11673
Management Board: Michael Sen (Chairman), Pierluigi Antonelli, Sara Hennicken, Dr. Michael Moser, Dr. Christian Pawlu
Chairman of the Supervisory Board: Wolfgang Kirsch
On September 15, 2026, the base wage rate, or rate of change, was announced. It reflects the development of health insurance revenues, based on contributions, and is the key parameter for determining the annual increase in hospital reimbursement in Germany for 2027, the so-called DRG inflator.
Download the full Market Briefing for details on the calculation, implications for the sector, and upcoming milestones in hospital funding.
On September 15, 2026, the base wage rate, or rate of change, was announced. It reflects the development of health insurance revenues, based on contributions, and is the key parameter for determining the annual increase in hospital reimbursement in Germany for 2027, the so-called DRG inflator.
Download the full Market Briefing for details on the calculation, implications for the sector, and upcoming milestones in hospital funding.
Effective January 1, 2027, Fresenius will integrate the hospital services it provides internally for Helios into Helios Kliniken GmbH. About 1,700 of the more than 4,000 employees of Fresenius Health Services (FHS) will transfer to Helios together with their service companies.
Going forward, FHS will focus entirely on external clients, who already account for around two thirds of FHS’s revenue.
As a result of this step, Helios will benefit from an even closer collaboration in the hospitals' technical infrastructure going forward. FHS, in turn, will be able to focus entirely on its external business and continue to develop in that area.
Effective January 1, 2027, Fresenius will integrate the hospital services it provides internally for Helios into Helios Kliniken GmbH. About 1,700 of the more than 4,000 employees of Fresenius Health Services (FHS) will transfer to Helios together with their service companies.
Going forward, FHS will focus entirely on external clients, who already account for around two thirds of FHS’s revenue.
As a result of this step, Helios will benefit from an even closer collaboration in the hospitals' technical infrastructure going forward. FHS, in turn, will be able to focus entirely on its external business and continue to develop in that area.