Sanofi's (NASDAQ: SNY) long-running transition from a traditional big pharma to a focused developer of new drugs took another big step forward on Tuesday, when it chose Euroapi as the official name of its active pharmaceutical ingredient (API) manufacturing spinoff. Euroapi will hit the ground running with a portfolio of more than 200 APIs and annual sales expected to reach $1.2 billion in 2022. In the highly fractured industry for APIs, Euroapi will be the top-ranked manufacturer of small-molecule APIs and the world's second-largest API manufacturer overall. Image source: Getty Images. Sanofi will retain a 30% stake of Euroapi, but the spinoff will assemble a new management team to be led by Karl Rotthier, a former CEO of Centrient Pharmaceuticals. His appointment will allow Sanofi to focus on the development of new drugs. Yesterday, Sanofi acquired a cancer therapy developer called Kymab for $1.1 billion up front. This gives Sanofi rights to Kymab's OX40-directed antibody KY1005, a potential new treatment for eczema that produced compelling results in a phase 2 trial last August. Sanofi is enjoying great success with an eczema treatment that launched a few years ago called Dupixent. Developed in partnership with Regeneron (NASDAQ: REGN), Dupixent is currently generating about $4 billion in annual sales. Sanofi thinks Dupixent sales will surpass $12 billion at its peak, if the company can pilot its blockbuster through some label-expanding drug approvals. With this in mind, diverting fewer managerial resources to run an API business seems like the right move. 10 stocks we like better than SanofiWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Sanofi wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Cory Renauer has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source