- Sanofi SA (NASDAQ: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 (OTC: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.
