Global law firm White & Case LLP has advised a syndicate of banks led by BNP Paribas, BofA Securities Europe SE and J.P. Morgan on the admission to trading of EUROAPI on the regulated market of Euronext Paris by way of partial distribution of EUROAPI shares to Sanofi's existing shareholders.
EUROAPI's first day of trading on Euronext Paris is expected to be 6 May 2022 following a distribution by way of an additional extraordinary dividend in kind of 58 percent of EUROAPI shares to Sanofi shareholders with a distribution ratio of one EUROAPI share per 23 Sanofi shares.
Post-listing, Sanofi intends to hold 30 percent of the share capital and voting rights of EUROAPI and committed to a lock-up period of two years on EUROAPI shares. The French State, acting through the French Tech Sovereignty fund, undertook to acquire 12 percent of the share capital of EUROAPI. L'Oréal, Sanofi's largest shareholder, has committed to a lock-up period of one year on EUROAPI shares following the settlement of the dividend distribution.
EUROAPI is a leading player in active pharmaceutical ingredients (APIs) with approximately 200 products in its portfolio. With approximately 3,350 employees and six manufacturing sites in Europe, EUROAPI supplies APIs to its customers in more than 80 countries.
The White & Case team in Paris which advised on the transaction was led by partners Thomas Le Vert and Séverin Robillard and included partners Max Turner, Estelle Philippi and Jean Paszkudzki, counsel Tatiana Uskova and associates Bénédicte Cheyrou-Lagrèze and Claire Sardet.
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