PARIS (Reuters) – Shares in EUROAPI the spin-off of EUROAPI’s drug ingredient business are up Sanofi (NASDAQ:), rose as Friday saw the Paris Stock Exchange debut the company.

EUROAPI traded for 12.55 euros during early trading session, a slight increase from its 12 euro reference price.

Sanofi shareholders who own 23 shares of the parent company will be entitled to one EUROAPI share. Sanofi intends to maintain a 30% interest in EUROAPI.

EUROAPI is floating on the stock exchange as EUROAPI. This comes after the Russia-attack on Ukraine has heightened concern in the European Union regarding the region’s dependence on important pharma ingredient imports.

EUROAPI produces active pharmaceutical ingredients (APIs), for medicine and has six production facilities in France, Germany, Britain and France.