EuroAPI completes Focus-27 financing

French CDMO EuroAPI announces today that it has completed and secured the financing of its ongoing Focus-27 strategic plan. The agreements comprise:

* An agreement with EuroAPI’s banking syndicate on a new secured €451 million revolving credit facility, refinancing the existing revolving facility to mature in February 2029

* An investment by Sanofi of €200 million in a perpetual deeply subordinated hybrid bond, which EuroAPI said that will give it “additional financial flexibility” to deliver Focus-27

* An agreement by Sanofi to reserve a minimum available capacity for five products manufactured by EuroAPI, for which it will pay €18 million in 2H 2024 and €36 million in 2025. EuroAPI said that this would “secure revenue and increase the five products' overall performance”

The company has also agreed to further amend the manufacturing and supply agreement (MSA) with its former parent company, Sanofi, in 2021. This includes secured volumes for Sevelamer, which will provide further visibility to the Haverhill site’s activity in the context of its divestment.

“The completion of the financing is an instrumental step in the execution of EuroAPI’s strategic roadmap” said CEO Ludwig de Mot (above). “Combined with further developments in our commercial relationship with Sanofi, it opens a new chapter for our company and all its stakeholders.”