The IPOX® Watch: EUROAPI
Company Description
EUROAPI is the active pharmaceutical ingredicents (API) unit spin-off of Sanofi, headquartered in Paris, France. EUROAPI develops, manufactures, and distributes a diversified portfolio of APIs as well as intermediates. EUROAPI offers both API Solutions with approximately 200 APIs supplies, and Contract Development and Manufacturing Organization (CDMO) services including customized API development, manufacturing, and analytical services.
Business Model
EUROAPI generates revenue primarily through its API Solutions sale and CDMO services with Sanofi sales represent more than half of the total net sales.
Spin-Off History
On 05/06/2022, EUROAPI began trading on Euronext Paris through direct listing. The leading small molecules and APIs manufacturer offered 94,026,888 shares at a reference price of €12.00 per share. Sanofi retains 30% of the company following the listing. EUROAPI was valued at ca. €1.1 billion at offer. The shares opened at €12.59 and closed the first day at €13.514 (▲12.62%).
EUROAPI was included in the IPOX® 100 Europe Index (ETF: FPXE US, FPXE LN, EFPX IM) on 06/20/2022 and IPOX® International Index (ETF: FPXI US) on 9/19/2022, and currently weighs ca. 1.06% and 0.56% of the portfolio, respectively.
