Sanofi Picks Rothschild for IPO of $2 Billion Ingredients Unit

Sanofi has selected Rothschild & Co. to advise on an initial public offering of its business that manufactures drug ingredients, according to people familiar with the matter.

The French pharmaceuticals giant plans to seek a valuation of as much as 2 billion euros ($2.3 billion) for its Active Ingredient Solutions unit, the people said, asking not to be identified because the information is private. While the business has also attracted preliminary interest from private equity suitors, Sanofi is currently focused on a listing, the people said.

In February, Sanofi announced plans to create a new active pharmaceutical ingredients company ...