Sanofi to Form New Company With Focus on Active Pharmaceutical Ingredients

 Sanofi SA said Tuesday that it is creating a new company that will focus on active pharmaceutical ingredients and go by the name of Euroapi.

The French pharmaceutical giant said the new company--which will focus on the molecules that give a drug its therapeutic effect--is poised to be the largest European player in the sector. It is expected to generate 1 billion euros ($1.22 billion) in sales by 2022, Sanofi said.

An initial public offering for the company on Euronext Paris will be evaluated for 2022, Sanofi said.

Euroapi's chief executive officer will be Karl Rotthier, effective as of Jan. 18. The company will employ 3,200 skilled employees and will have its headquarters in France, according to Sanofi.

Sanofi's stake in Euroapi will be 30%, said Philippe Luscan, executive vice president of global industrial affairs at the pharmaceutical giant.

https://www.marketscreener.com/quote/stock/SANOFI-4698/news/Sanofi-to-Form-New-Company-With-Focus-on-Active-Pharmaceutical-Ingredients-32178105/