AstraZeneca plans to directly list its shares on the New York Stock Exchange, instead of its current depositary receipts structure, to attract more global investors, the drugmaker said on Monday, but will remain listed and headquartered in London.
The move will be of some relief to UK investors after media reports suggested the Anglo-Swedish drugmaker - London’s most valuable company - was considering ditching its British listing in favour of the US.
That had raised worries about the shrinking London stock market as companies seek higher valuations and access to deeper capital markets elsewhere.
Companies that have either considered moving from London or have done so in recent years include miner Glencore, investment firm Petershill Partners, equipment rental firm Ashtead.
Unilever also picked Amsterdam for listing its ice cream spin-off.
“We set out our proposed harmonised listing structure which will support our long-term strategy for sustainable growth, while remaining headquartered in the UK and listed in London, Stockholm and New York,” AstraZeneca Chair Michel Demare said in a statement.
“Enabling a global listing structure will allow us to reach a broader mix of global investors.”
The company earlier this month also paused a planned 200 million pound ($268.80 million) investment in its Cambridge research site, becoming the latest drugmaker to pull back from the UK, citing a tough business environment.
AstraZeneca has also pledged to invest $50 billion in US manufacturing by 2030, amid global drugmakers’ efforts to avert hefty tariffs on pharmaceutical imports into the country, and will cut some direct-to-patient US drug prices as demanded by President Donald Trump’s administration.
Shares in AstraZeneca have risen about 5% this year.
The company plans to put its listing plans to a vote on November 3.
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