EuroAPI, spun off from Sanofi, rises on stock market debut (updated)
06/05/2022 08:53
(Adds market context, market cap)
May 6 (Reuters) - Shares in EuroAPI EAPI.PA , the drug
ingredients business spun off from Sanofi SASY.PA , rose in
their debut on the Paris stock market on Friday, defying a wider
market decline.
EuroAPI traded at around 12.6 euros in early trading,
valuing the contract manufacturer's equity at close to 1.2
billion euros ($1.26 billion) and marking a 5% rise from its
reference price of 12 euros.
The stock premiered in choppy markets with global stocks
tanking on Thursday, as investors worried aggressive central
bank policies around the world to tamp down inflation could
shackle growth. urn:newsml:reuters.com:*:nTOPGLOMKT
The STOXX Europe 600 Health Care .SXDP was down 0.5% while
the French blue chip index CAC40 .FCHI was off 1.2% at 0725
GMT.
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. urn:newsml:reuters.com:*:nL5N2VZ0UB
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.
($1 = 0.9518 euros)
(Reporting by Ludwig Burger; editing by Sudip Kar-Gupta and
Jason Neely)
((sudip.kargupta@thomsonreuters.com; +33 1 49 49 53 84;))