French drugmaker Sanofi SNY, -1.89% SAN, -1.88% announced plans to split off its unit producing and marketing active pharmaceutical ingredients for a possible IPO in 2022. Sanofi plans to create the company from six of its production sites, in France, Germany, Italy, the U.K. and Hungary. Sanofi said the new company would rank as the world's second largest API company with approximately €1 billion in expected sales by 2022. A planned IPO on Euronext Paris ENX, -1.48% would be evaluated with a decision expected by 2022, subject to market conditions. Sanofi said it would become a customer, hold a minority stake of 30% and spin off the company without debt. Sanofi's shares were lower for the day due to the spreading coronavirus, but the IPO plans helped the stock to limit losses.
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February 24, 2020 at 10:23PM
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Sanofi says it's considering IPO of pharmaceutical-ingredients arm - MarketWatch
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