French drugmaker Sanofi /zigman2/quotes/201967021/composite SNY -0.86% /zigman2/quotes/206928357/delayed FR:SAN -3.30% announced plans to split off its unit producing and marketing active pharmaceutical ingredients for a possible IPO in 2022. Sanofi plans to create the company from six of its production sites, in France, Germany, Italy, the U.K. and Hungary. Sanofi said the new company would rank as the world's second largest API company with approximately €1 billion in expected sales by 2022. A planned IPO on Euronext Paris /zigman2/quotes/208368645/delayed FR:ENX -0.39% would be evaluated with a decision expected by 2022, subject to market conditions. Sanofi said it would become a customer, hold a minority stake of 30% and spin off the company without debt. Sanofi's shares were lower for the day due to the spreading coronavirus, but the IPO plans helped the stock to limit losses.