EuroAPI gains on market debut after spin-off from Sanofi
Sanofi shareholders will receive one EuroAPI share for 23 shares held in the parent company.;
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New Delhi: Shares in EuroAPI, the drug ingredients business spun off from Sanofi, rose on their Paris stock market debut on Friday, defying a wider market decline.
EuroAPI traded at around 12.25 euros at 0915 GMT, valuing the contract manufacturer's equity at 1.15 billion euros ($1.21 billion) and up 2% from its reference price of 12 euros.
The stock premiered in choppy markets, with world stocks falling towards their lowest in over a year as investors anticipated more U.S. interest rate rises and worried about the hit to growth from China's zero-COVID policy.
The STOXX Europe 600 Health Care index was down 1.7%, while France's blue chip index was off 1.5%.
"What a remarkable day it is," said EuroAPI Chief Executive Karl Rotthier after ringing the opening bell in Paris.
"It's my birthday, that's another good start," added Rotthier, who joined in early 2020 from Dutch pharma ingredients maker Centrient Holding.
Sanofi shareholders will receive one EuroAPI share for 23 shares held in the parent company.
EuroAPI's flotation 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.
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