Nxstage Medical acquired by Fresenius

UNITED STATES Life Sciences / Medical Devices / Diagnostic Equipment EV €1–10bn

Context

Fresenius Medical Care announced a definitive agreement to acquire all outstanding shares of NxStage Medical. The acquisition is strategically central to FMC's 2020 strategic initiative, positioning the combined entity as a global leader in home dialysis by integrating NxStage's System One platform into FMC's vertically integrated dialysis ecosystem. The transaction is expected to generate net cost synergies of approximately $80–100 million per annum before tax over three to five years, with integration costs of approximately $150 million over the first three years. FMC expects the acquisition to be accretive to net income and EPS within three years of closing.

Nxstage Medical, which reported an EBITDA margin of [members only] in 2016, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Healthcare & Pharma sector (14.3x in 2026).

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Target

NxStage Medical is a US-based medical technology company founded in 1998, specialising in the development, manufacture, and marketing of innovative medical devices for home dialysis and critical care settings. The company's flagship product is the System One, a portable home haemodialysis (HHD) machine that represents the most advanced home dialysis platform available in the US market and is sold primarily to Fresenius Medical Care North America and its main competitor DaVita. NxStage also develops products for acute kidney failure treatment in critical care environments and has established a small number of dialysis clinics dedicated to developing innovative care delivery models for end-stage renal disease (ESRD) patients.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

4x–10x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2016

2015

Other operations with Fresenius

Other operations with Fresenius
Date	Acquirer	Target	Country	Sector
03/2022	FRESENIUS	MABXIENCE	SPAIN	CDMO
03/2022	FRESENIUS	IVENIX	UNITED STATES	Diagnostic Equipment
12/2020	FRESENIUS	EUGIN GROUP	SPAIN	Outpatient Care

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REFERENCES

Valuation range: EV €1–10bn

Revenue range: €250–500M

EV/Revenue range: 4x - 10x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Nxstage Medical by Fresenius are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: fresenius

FAQ

What transaction does this page cover?

This page covers Fresenius’s acquisition of 100% of Nxstage Medical, an American company specialised in Medical Devices, in 2017.

How was the acquisition of Nxstage Medical by Fresenius valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band and its EV/revenue multiple within the 4x - 10x range. Exact figures are available to members.

What was Nxstage Medical’s revenue at the time of the deal?

At the time of the transaction, Nxstage Medical’s annual revenue was estimated within the €250–500M range (FY 2016). Detailed financial figures are available to members.

How does the valuation of Nxstage Medical compare to benchmarks in the Healthcare & Pharma sector?

Transaction multiples for this specific deal are exclusively reserved for mynth members. By way of comparison, in 2026 companies in the Healthcare & Pharma sector are valued at a multiple of 14.3x EBITDA.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

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