Pharma companies don't always disclose all of the reasons for executive changes, but Fresenius Kabi is being blunt about its CEO's departure.
The company named Michael Sen its new CEO, replacing Mats Henriksson, who is leaving because he disagrees with the company’s direction, Fresenius said.
As a former CFO of Siemens Healthcare, Sen brings industry experience to Fresenius Kabi, which makes generic drugs and is developing biosimilars.
Henriksson joined Fresenius Kabi’s management board in 1999 and played “a major role in the development of Fresenius Kabi from the very beginning,” Fresenius’ supervisory board chair Gerd Krick said in a statement. He’s “handing over a well-managed business to his successor,” Krick said in a statement.
The company's CEO transition comes about a month after Fresenius Kabi said it was spending €60 million to expand two facilities in Graz, Austria. The company is expanding its capacity to produce medicines in glass bottles and prefilled syringes, Fresenius said.
Worldwide, Fresenius Kabi makes intravenously administered generic drugs, clinical nutrition and infusion therapies for seriously and chronically ill patients in hospitals and in outpatient care. The company also sells medical devices and transfusion products.
Previously, the company tried to buy Akorn, but that deal fell apart after an audit found “blatant fraud at the very top level of Akorn’s executive team,” Fresenius said in response to an Akorn lawsuit.
More recently, Fresenius Kabi inked a $50 million deal with the U.S. Department of Justice to settle allegations that a unit hid records from FDA investigators ahead of an inspection in 2013.
Fresenius Kabi is a unit of the global healthcare company Fresenius, which generated €36.3 billion during its fiscal year 2020. Fresenius Kabi generated €6.9 billion during the year.