ENX Euronext NV

   By Joshua Kirby 
 

Sanofi SA said Friday that its spun-off business Euroapi will begin trading on May 6 following approval by the French market regulator.

The French drugmaker will continue to hold around 30% of shares in the active-pharmaceutical-ingredients business following the listing, while the French state will acquire a stake of 12% via sovereign fund EPIC Bpifrance. The remainder will be distributed via a dividend in kind in addition to the proposed cash dividend set out last month, Sanofi said, with one Euroapi share given for every 23 Sanofi shares held.

Euroapi shares will begin trading on the Euronext Paris stock exchange on May 6, subject to the distribution's approval at a shareholders' meeting due to be held May 3, Sanofi said. The company had previously indicated the listing would happen at some point in the first half of the year.

Sanofi and EPIC Bpifrance will be subject to a lock-up period of two years on Euroapi shares following the listing, while cosmetics major L'Oreal SA, Sanofi's largest shareholder, will be subject to a lock-up of one year.

The reference price for Euroapi shares should be set out after the close of market on May 5, Sanofi said. Following the distribution and the stake acquisition by EPIC Bpifrance, Sanofi will no longer control Euroapi, which should have a slightly beneficial effect on operating income in 2022, the company added.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

April 01, 2022 02:09 ET (06:09 GMT)

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