Company billed as Europe's API giant set for Euronext listing

French drugmaker Sanofi (Euronext: SAN) has moved forward with the Euronext listing of EUROAPI, which has been billed as the future leading European company dedicated to the development, production and marketing of active pharmaceutical ingredients (API).

On Thursday, Sanofi’s board of directors unanimously proposed to submit to its shareholders the distribution of around 58% of the share capital of EUROAPI. In addition to the previously proposed 3.33 euros ($3.67) cash dividend per Sanofi share, this additional extraordinary dividend is subject to shareholders approval
at a May 3 shareholders’ meeting.

If approved, the distribution will take place shortly after the listing of EUROAPI’s shares on the regulated market of Euronext Paris, subject to the approval of the French Autorité des Marchés Financiers on EUROAPI’s French prospectus, which will be made available to the public ahead of the meeting.