Fresenius has acquired the remaining 45% of mAbxience from Insud Pharma and Invim Corporativo for total cash consideration of up to €750 million, giving Fresenius complete ownership of the biosimilars company.
The consideration includes a contingent payment of €50 million tied to site approvals. The transaction was signed and completed on September 30, 2026, and did not require regulatory approvals.
Fresenius originally acquired a 55% majority stake in mAbxience in August 2022 and has controlled and consolidated the business since then. The additional acquisition makes mAbxience a wholly owned part of Fresenius Kabi’s Biopharma business.
The transaction creates a vertically integrated biosimilars platform spanning research, development, manufacturing, regulatory activities and commercialization.
Fresenius said complete ownership gives it greater control over future investments, manufacturing capacity, cost structures and product launch timing while allowing the company to receive the full economic benefit of the platform.
The company sees additional opportunity as a growing number of biologic medicines lose exclusivity. Fresenius expects the addressable biosimilars market to expand approximately sixfold by 2035 to more than €180 billion.
mAbxience operates three multi-product drug substance manufacturing facilities in Spain and Latin America and employs more than 1,300 people.
The business generated more than €320 million in revenue during 2025 and produced an EBITDA margin that was accretive to Fresenius Kabi’s overall margin. Its portfolio includes four products currently on the market and eight development candidates.
mAbxience also operates as a contract development and manufacturing organization and has a business-to-business presence across more than 100 markets and relationships with more than 40 partners.
Jürgen Van Broeck will continue serving as CEO of mAbxience and will report to Dr. Sang-Jin Pak, President Biopharma at Fresenius.
Fresenius will fund the transaction using available liquidity and operating cash flow, with no new financing required. The company expects the acquisition to increase net debt to EBITDA by approximately 20 basis points while leaving full-year leverage toward the lower end of its self-imposed 2.5x to 3.0x target range.
The transaction is expected to be immediately accretive to Fresenius’ core earnings per share. Fresenius also said the investment should further improve return on invested capital, which is already above its cost of capital after integration.
Fresenius maintained its full-year 2026 guidance and its 2030 Biopharma ambition of approximately doubling revenue from 2025 levels while reaching an EBIT margin of around 20%.
KEY QUOTES:
“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.”
Michael Sen, Chief Executive Officer of Fresenius
“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.”
Jürgen Van Broeck, Chief Executive Officer of mAbxience
