AstraZeneca, the UK's biggest drugmaker, has announced plans to list its shares directly on the New York Stock Exchange, replacing its American depositary receipts on the Nasdaq. The FTSE 100 company, valued at around £170bn, stressed it will remain headquartered in Cambridge and maintain its London listing.
The move puts US shares on an equal footing with London-listed stock, potentially attracting a broader mix of global investors, including US pension funds. Chair Michel Demaré said the structure would allow the company to 'reach a broader mix of global investors'.
Analysts described the decision as a 'knock-back for London'. Neil Wilson of Saxo Markets said it was 'hardly a ringing endorsement of London', while Russ Mould of AJ Bell warned it could hint at a more dramatic shift in future, noting that 'big investors could well end up asking questions about AstraZeneca’s ultimate intentions'.
The announcement comes amid ongoing pressures on the UK pharmaceutical sector. AstraZeneca recently paused a planned £200m expansion of its Cambridge research site and ditched a £450m revamp of its vaccine site in Speke. Chief executive Sir Pascal Soriot has expressed frustration over UK drug pricing and regulatory decisions, while the US accounts for 43% of revenue, expected to reach 50% by 2030.
A government spokesperson welcomed the clarity, saying the decision 'brings long-awaited clarity and is good news for jobs, growth and innovation'. The move follows several other companies leaving the London Stock Exchange for higher valuations elsewhere, including Ashtead and Flutter Entertainment.
