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Fresenius Medical Care, the world’s largest provider of dialysis products and services, today successfully placed notes with an aggregate principal amount of €500 million. The notes have a maturity of 7 years and an annual coupon of 1.5%. The issue price is 99.704% and the resulting yield amounts to 1.545%.
The transaction was very well received by investors and substantially oversubscribed. The proceeds will be used for general corporate purposes, including the refinancing of upcoming maturities.
This is the first issuance of the company since it was upgraded to Investment Grade by the three leading rating agencies Standard & Poor’s, Moody’s and Fitch. The notes were drawn under the newly established European Medium Term Note (EMTN) Program by Fresenius Medical AG & Co. KGaA. The program allows for standardized issuances of notes in various currencies and maturities.
Fresenius Medical Care has applied to the Luxembourg Stock Exchange to admit the notes to trading on its regulated market.
This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in Australia, Canada, Japan, or the United States of America (the “United States”) or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The securities referred to herein have not been and will not be registered under U.S. Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent such registration, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Subject to certain exceptions, the securities referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan. The offer and sale of the securities referred to herein has not been and will not be registered under the Securities Act or under the applicable securities laws of Australia, Canada or Japan. There will be no public offer of the securities in the United States.
This announcement is an advertisement and not a prospectus. Investors should not purchase or subscribe for any securities referred to in this announcement except on the basis of information in the prospectus issued by the company in connection with the offering of such securities. Copies of the prospectus are available free of charge from Fresenius Medical Care AG & Co. KGaA at Else-Kröner Strasse 1, 61352 Bad Homburg, Germany.
This announcement has been prepared on the basis that any offer of Notes in any Member State of the European Economic Area (EEA) which has implemented the Prospectus Directive (2003/71/EC), as amended (each, a Relevant Member State) will be made pursuant the prospectus prepared by Fresenius Medical Care AG & Co. KGaA or pursuant to an exemption under the Prospectus Directive, as implemented in that Relevant Member State, from the requirement to publish a prospectus for offers of securities. Fresenius Medical Care AG & Co. KGaA has not authorized, nor does it authorize, the making of any offer of securities in circumstances in which an obligation arises for Fresenius Medical Care AG & Co. KGaA or any other person to publish or supplement a prospectus for such offer.
This announcement is directed at and/or for distribution in the United Kingdom only to (i) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (ii) high net worth entities falling within article 49(2)(a) to (d) of the Order (all such persons are referred to herein as “relevant persons”). This announcement is directed only at relevant persons. Any person who is not a relevant person should not act or rely on this announcement or any of its contents. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.
This announcement 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, and the availability of financing. Fresenius Medical Care AG & Co. KGaA does not undertake any responsibility to update the forward-looking statements in this announcement.
Fresenius Helios will take responsibility for practical instruction as part of the first worldwide digitalized medical studies program. The new course of study meets European certification standards and will start in the winter semester 2018/2019 at the EDU College of Medicine, Malta. Theoretical components of a bachelor’s and follow-on master’s program will be available solely via an online platform. Students will be networked into learning communities taught by faculty. About one-third of the course is practical instruction that will take place in hospitals operated by Fresenius Helios in Germany. The program initially will be limited to 75 students. The long-term goal is up to 3,000 students.
Fresenius Helios will take responsibility for practical instruction as part of the first worldwide digitalized medical studies program. The new course of study meets European certification standards and will start in the winter semester 2018/2019 at the EDU College of Medicine, Malta. Theoretical components of a bachelor’s and follow-on master’s program will be available solely via an online platform. Students will be networked into learning communities taught by faculty. About one-third of the course is practical instruction that will take place in hospitals operated by Fresenius Helios in Germany. The program initially will be limited to 75 students. The long-term goal is up to 3,000 students.
Fresenius Medical Care, the world’s largest provider of dialysis products and services, today announced the closing of the divestiture of Sound Inpatient Physicians Holdings, LLC (Sound) to an investment consortium led by Summit Partners as of June 28, 2018. The total transaction proceeds are $2.15 billion (EUR 1.85 billion1).
The divestment of Sound is aligned with Fresenius Medical Care’s goal of further sharpening the profile of the company’s Care Coordination portfolio. The transaction is expected to generate a positive effect on net income2 for Fresenius Medical Care of around USD 7523 million (EUR 648 million1). This effect includes the half year impact from the increase in valuation of Sound´s share based payment program caused by the divestment of Sound.
The financial targets for 2018 and 2020 do not include the effects of this divestiture. The divestment reduces on a constant currency basis Fresenius Medical Care´s 2018 revenue expectations by around EUR 650 million and net income2 by around EUR 40 million. The growth rates indicated in the financial targets for 2018 will be achieved on a comparable basis4 following the divestiture of Sound.
1 EUR/USD 1.16
2 Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA
3 Based on the company´s latest available information
4 On a pro-forma basis revenue for Sound in H2 2017 was around EUR 560 million and net income was around EUR 40 million
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including changes in business, economic and competitive conditions, regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care AG & Co. KGaA's reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care AG & Co. KGaA does not undertake any responsibility to update the forward-looking statements in this release.
Fresenius Kabi is expanding its production and warehouse capacity in Runcorn, England, to meet increasing demand in United Kingdom’s homecare market and from UK and Ireland hospitals. The expansion’s first stage will be a new distribution and operations center, scheduled to open in early 2019. A second services unit for producing aseptically compounded parenteral nutrition products will be completed by 2020. Fresenius Kabi will invest over €9 million in the expansion.
Fresenius Kabi is expanding its production and warehouse capacity in Runcorn, England, to meet increasing demand in United Kingdom’s homecare market and from UK and Ireland hospitals. The expansion’s first stage will be a new distribution and operations center, scheduled to open in early 2019. A second services unit for producing aseptically compounded parenteral nutrition products will be completed by 2020. Fresenius Kabi will invest over €9 million in the expansion.
June 27, 2018
Zurich, Switzerland
Credit Suisse – European Medtech & Healthcare Services Day
Fresenius Medical Care, the world’s largest provider of dialysis products and services, and Humacyte, Inc., a medical research, discovery and development company, today announced a strategic, global partnership and a $150M USD equity investment. This agreement has the potential to make Humacyte’s investigational human acellular vessel, HUMACYL®, available to more patients worldwide following approval of the product. HUMACYL is currently being investigated for vascular access for hemodialysis and may prove more effective than current synthetic grafts and fistula. Under the terms of the agreement, Fresenius Medical Care will obtain the exclusive global rights to commercialize HUMACYL.
Fresenius Medical Care will be responsible for the marketing, sales and distribution of HUMACYL following approval by the relevant health authorities. In addition, Fresenius Medical Care will make a $150M USD equity investment in Humacyte to gain a 19% fully diluted ownership stake in the company. With the investment, Fresenius Medical Care will have the opportunity to bring transformative clinical innovation in the form of Humacyte’s bioengineered human acellular vessels to the worldwide end stage renal disease (ESRD) patient population following product approval. The transaction is subject to customary closing conditions, including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and is expected to close in July 2018.
“By partnering with Humacyte, Fresenius Medical Care has an opportunity to offer a dialysis vascular access option with the potential for significant clinical efficacy and safety improvements, including the potential to minimize catheter contact time to the benefit of our patients,” said Franklin Maddux, MD, Chief Medical Officer for Fresenius Medical Care North America. “Our exclusive rights to distribute this innovative technology to dialysis patients worldwide may have significant benefits not only to patients, but health systems as well. With the potential for fewer anticipated complications and interventions compared to synthetic grafts, we may see increased safety for patients and reduced medical and economic burdens to the healthcare system.”
The current vascular access modalities necessary to deliver dialysis treatment include fistulas, grafts and central venous catheters. All three options have limitations. Half of fistulas fail and do not mature in patients, delaying vascular access for dialysis treatment. In the meantime, many patients need a central venous catheter, which significantly increases the risk of infection. Humacyte has developed a novel human tissue-based investigational product, HUMACYL, for patients with ESRD requiring hemodialysis. Compared to an arteriovenous fistula, HUMACYL can be available for use in hemodialysis within weeks and may have an overall higher rate of maturation. It also may offer a more durable, biologic alternative to synthetic grafts.
“This is a transformational milestone for Humacyte, giving us the world’s strongest partner to help bring our product to more patients globally,” said Carrie Cox, CEO and Chairman of Humacyte, Inc. “Our partnership will allow Humacyte to focus on advancing the potential for HUMACYL as a substantial breakthrough in the science of regenerative medicine, and to continue our development of an exciting future pipeline.”
Humacyte’s bioengineered blood vessel is currently in Phase III pivotal trials in the U.S. and Europe, and the company plans to seek regulatory approval in both regions upon completion of the trials.
Disclaimer
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including changes in business, economic and competitive conditions, risks and uncertainties in research and development and the regulatory approval process; failure to satisfy the conditions to the consummation of the transaction, including the receipt of regulatory approval; regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care AG & Co. KGaA's reports filed with the U.S. Securities and Exchange Commission. Without prejudice to its obligations under capital market laws, neither Fresenius Medical Care AG & Co. KGaA nor Humacyte, Inc. undertakes any responsibility to update the forward-looking statements in this release.