AstraZeneca Shifts to Direct U.S. Listing, Retains London Presence

AstraZeneca (AZN.L) announced on Monday that it will list its shares directly on the New York Stock Exchange, replacing its current American Depositary Shares structure. The company emphasized it will maintain its London listing and keep its headquarters in the UK capital, calling it a show of confidence in Britain.

The move follows reports suggesting that the Anglo-Swedish drugmaker—London’s most valuable listed company—was weighing dropping its London presence in favor of the U.S. Such a step would have deepened concerns about the UK’s shrinking equity market, as firms increasingly look overseas for higher valuations and access to deeper pools of capital.

Earlier this month, AstraZeneca also paused plans for a £200 million ($268.8 million) investment at its Cambridge research hub.

“A global listing structure will allow us to reach a broader base of international investors,” said Chairman Michel Demaré in a statement.

(1 USD = 0.7440 GBP)