Sanofi To List Drug Ingredient Spin-Off EUROAPI On Euronext Paris in May

Sanofi SA SNY plans to list its drug ingredients subsidiary EUROAPI on May 6, saying the business is set to grow and improve its profitability as a separate business.
Sanofi shareholders will receive one EUROAPI share for 23 shares held in the parent company.
The company confirmed plans to conserve a 30% stake in the business after the listing, while EPIC Bpifrance will buy a 12% stake for up to €150 million.
L'Oreal SA LRLCY, Sanofi's largest shareholder, agreed to a one-year lock-up period after the listing, Sanofi added.
EUROAPI makes active pharmaceutical ingredients (APIs) for medicines and draws on six production sites in Italy, Germany, Britain, France, and Hungary.
It offers approximately 200 APIs and Contract Development and Manufacturing Organization (CDMO) activities.
EUROAPI recorded consolidated revenue of €893 million in 2021, with a core EBITDA of €72 million. Sales to Sanofi amounted to €407 million in 2021.
Price Action: SNY shares are up 1.91% at $52.32 during the market session on the last check Friday.