De­fy­ing biotech bears, Sanofi man­u­fac­tur­ing spin­off surges on Paris de­but

Biotech stocks are be­ing mauled by a pro­tract­ed bear mar­ket while the Ukraine war casts a pall over Eu­rope, but that didn’t stop one Big Phar­ma spin­off from cheer­ing on an up­beat pub­lic de­but.

Sanofi’s phar­ma­ceu­ti­cal in­gre­di­ent spin­off, EU­ROAPI, had a pos­i­tive start on its first day of trad­ing on Paris’ Eu­ronext ex­change. EU­ROAPI’s shares $EAPI trad­ed above the ref­er­ence price of 12 eu­ros set by the ex­change af­ter mar­kets closed on Thurs­day and rose by over 12% to more than 13 eu­ros.

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