PARIS (Reuters) – Shares in EUROAPI, the drug ingredients business being spun-off by Sanofi, rose on Friday as the company made its debut on the Paris stock market.
EUROAPI traded at around 12.55 euros in early session trading, marking a rise versus its reference price of 12 euros.
Sanofi shareholders will receive one EUROAPI share for 23 shares held in the parent company, and Sanofi plans to keep a 30% stake in EUROAPI.
The stock market flotation of EUROAPI comes as the coronavirus pandemic and Russia’s attack on Ukraine have heightened concerns in the European Union over the region’s dependency on critical pharma ingredient imports.
EUROAPI makes active pharmaceutical ingredients (APIs) for medicines and draws on six production sites in Italy, Germany, Britain, France and Hungary.
(Reporting by Ludwig Burger; Editing by Sudip Kar-Gupta)
