AstraZeneca (NASDAQ:AZN) said on Monday it will transition to a direct listing on the New York Stock Exchange, replacing its current depositary receipt structure, in a move aimed at attracting a wider range of global investors. The company confirmed it will remain headquartered and listed in London.
The announcement may ease concerns among UK investors after earlier reports suggested the Anglo-Swedish pharmaceutical leader—London’s largest firm by market value—might drop its British listing in favor of the U.S., stoking fears about the shrinking London market as companies seek larger valuations abroad.
Other firms that have moved or explored moving away from London in recent years include miner Glencore, investment group Petershill Partners, and equipment rental company Ashtead. Unilever opted for Amsterdam for its ice cream spinoff listing.
“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.”
Earlier this month, AstraZeneca also paused a planned £200 million ($268.8 million) investment in its Cambridge research facility, joining other drugmakers scaling back in the UK due to a challenging business environment.
The company has pledged to invest $50 billion in U.S. manufacturing by 2030 and will lower certain direct-to-patient U.S. drug prices as requested by President Donald Trump’s administration, helping mitigate potential import tariffs.
AstraZeneca shares have risen about 5% year-to-date. The company plans to submit the listing proposal to a shareholder vote on November 3.
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