Mabion in 2026: Polish monoclonal-antibody maker, mWIG40 issuer from Konstantynów Łódzki, Novavax COVID-19 antigen contract

Mabion in 2026: a Polish biotech since 2007, the Novavax CDMO contract for COVID-19 antigen, an mWIG40 issuer from Konstantynów Łódzki

Mabion S.A. – headquartered at ul. Gen. Mariana Langiewicza 60 in Konstantynów Łódzki (postcode 95-050), registered in the KRS under number 0000340462 – is a Polish biotech specialising in monoclonal antibody (mAb) production, the most technologically advanced category of biopharmaceutical drugs. The company has operated in its current legal form (a joint-stock company under KRS 0000340462) since 29 October 2009 and has been listed in Warsaw since August 2010 – among the first Polish biotech tickers on the WSE. The business's roots go back to 2007, when Maciej Wieczorek (a well-known Polish biotech entrepreneur, also founder and owner of Celon Pharma) established Mabion as a spin-off of research into rituximab biosimilars (an immunological drug used to treat lymphomas).

The strategic pivot came in 2021, when Mabion signed a multi-year CDMO (Contract Development and Manufacturing Organization) agreement with US-based Novavax to produce the COVID-19 vaccine antigen. The contract – initially worth tens of millions of dollars, later expanded – became the company's main revenue source in 2022–2025, pulling it away economically from the original own-biosimilars strategy and towards the CDMO model.

Mabion

KONSTANTYNÓW ŁÓDZKI · KRS 0000340462 · SPÓŁKA AKCYJNA

Revenue

n/a

Konstantynów Łódzki: a peripheral location on the Polish biotech map

The address at ul. Gen. Mariana Langiewicza 60, 95-050 Konstantynów Łódzki, places Mabion's seat in a commune just outside Łódź in the Łódzkie voivodeship – a dozen or so kilometres west of the city centre. It is an unusual location for an mWIG40 issuer – most Polish biotechs are headquartered in metropolitan clusters (Warsaw, Kraków, Wrocław, Poznań). Konstantynów Łódzki is peripheral relative to those centres but operationally functional: nearby Łódź provides access to graduates of the Łódź University of Technology and the University of Łódź, as well as logistics infrastructure (the A2 motorway and the S14 expressway). Property costs are also lower than in Warsaw or Kraków.

The company has a registered electronic-delivery address (ADE: PL-16721-85010-DWWCR-09) and a website at mabion.eu (the .eu rather than .pl domain reflects its global pharmaceutical client base). Governance comprises a three-member management board (a CEO plus two board members) and a five-member supervisory board. Under Polish PKD codes, the principal activities fall under division 72 (scientific research and development) – including 7211 (research and experimental development on biotechnology) – and division 21 (manufacture of basic pharmaceutical products and pharmaceutical preparations), reflecting the hybrid character of the business: R&D plus contract manufacturing.

Polish biotech-pharma on the WSE: a narrow but prestigious field

The Polish listed biotech-pharma sector has narrow representation on the Warsaw exchange – most Polish biotechs remain off-exchange (controlled by venture-capital or private-equity funds), are listed on NewConnect, or are still pre-revenue. Mabion stands out as:

• One of two Polish biotech constituents of the mWIG40 – alongside Ryvu Therapeutics (Kraków, a growth biotech in the pre-commercial phase). Other Polish biotech issuers (Celon Pharma – controlled by the same founder as Mabion but listed separately; Selvita – a contract research organisation) sit in the sWIG80 or outside the indices.
• A combination of proprietary technology and a CDMO business – unlike pure contract manufacturers (e.g. US-based Lonza), Mabion has its own biosimilars pipeline. At the same time, the Novavax contract gave the company a stable revenue stream that no other Polish biotech can match.
• Liquid capital and market history – the 2010 IPO and subsequent share issues make Mabion one of the best-capitalised Polish biotechs, enabling long-term investment in R&D and production capacity.

Three structural features of the Mabion model explain its mWIG40 positioning:

• The Novavax contract as an anchor – in 2026 the contract, while less weighty than in 2022–2023 (when global demand for COVID-19 vaccines peaked), still generates stable revenue. Every Novavax decision to extend, scale back, or terminate the cooperation is a meaningful event for the company's valuation.
• A proprietary biosimilars pipeline – the flagship MabionCD20 project (a rituximab biosimilar) is in advanced development. Commercialising its own biosimilar would be transformational – moving from the CDMO model to proprietary drugs would multiply the operating margin several times over. But the regulatory path remains long and uncertain.
• Sector specifics – binary valuation – listed biotechs often see extreme price moves: sharp rallies on positive clinical-trial results, sharp falls on setbacks. Mabion, although less volatile than pure pre-revenue biotechs, inherits this trait.

What it means for the investment profile: a dual-engine biotech, zero dividend, high risk

“Mabion is the only Polish mWIG40 biotech combining two profitability vectors: a stable CDMO contract business (Novavax) and a potentially transformational own-biosimilars pipeline (MabionCD20). A minority investor sees the ticker as exposure to Polish biotech with cushioned risk - the Novavax contract stabilises results, the own pipeline provides upside. Main risks: termination/limitation of the Novavax contract and regulatory failure of biosimilars.”

Three expected consequences for the company's 2026 investment profile:

• A zero-dividend policy – Mabion has never paid a dividend, which is typical for biotech: all cash flow is recycled into R&D, production capex, and pipeline financing. A minority investor earns purely on price appreciation, not payouts.
• Cyclical exposure to the Novavax contract – in 2026 the contract is in a mature phase, generating regular revenue but below the COVID-19 peak of 2022. Any shift in global vaccination policy (a COVID-19 resurgence, new variants, regulatory decisions) affects demand for the Novavax antigen – and, indirectly, Mabion.
• The key: progress on MabionCD20 and other biosimilars – further regulatory milestones for Mabion's biosimilars are expected in 2026. Positive results would mean a meaningful re-rating of the shares; delays or failure, a sharp drop. That makes the company more cyclical than classic Polish industrials.

For the Łódzkie voivodeship itself, Mabion is one of the region's two largest mWIG40 issuers (alongside LPP, controlled from Gdańsk) – Łódź has not historically been a Polish biotech cluster (unlike Kraków or Wrocław), but Mabion has become the region's representative in this segment of the exchange.

What you'll find in the Mabion profile

The Mabion S.A. profile in our database gives the full picture of the company: the composition of the three-member management board (a CEO plus two board members), the five-member supervisory board, the KRS registration history since 29 October 2009 (with traces of the Novavax contract and subsequent share issues), the registered address at ul. Gen. Mariana Langiewicza 60 in Konstantynów Łódzki, its e-delivery status (ADE PL-16721-85010-DWWCR-09), the mabion.eu website, and the assigned PKD codes classifying the activity as biotechnology and pharmaceutical production. The profile is also available in English – relevant for international biotech-fund investors, since Mabion is one of the two largest Polish biotech issuers on the WSE.

Data: Polish KRS Court Register (KRS 0000340462); Mabion S.A. - annual reports 2023–2025; PKD classification 72/21 (biotechnology and pharmaceutical production); company history - founded 2007 by Maciej Wieczorek, S.A. 2009, WSE IPO August 2010, Novavax contract 2021; editorial estimates for the position in the Polish biotech sector, as of 2026-05-02.