French-based CDMO EuroAPI has reached an agreement with Sanofi to finance the implementation of its Focus-27 restructuring programme through a €200 million perpetual subordinated hybrid bond. Sanofi, from which EuroAPI was originally spun out, remains its main shareholder and customer. It also agreed in principle to reserve minimum available capacities for selected products manufactured by EuroAPI through a €54 million payment.

EuroAPI has suspended all API production at its site in Brindisi, Italy, until further notice. This followed an internal audit in which “quality control deficiencies due to potential local misconduct” were identified. These are being further investigated.