AstraZeneca (AZN.L) laid out plans on Monday to directly list its shares in the United States, as the drugmaker seeks to maximize gains from its biggest market and investor pool, even as it said that it was not exiting London.
The decision to remain UK-based will be of some relief to British investors after media reports suggested the Anglo-Swedish drugmaker – London’s most valuable company – was considering ditching its UK listing in favor of the U.S.
London’s stock market has been shrinking due to companies moving away for higher valuations and access to deeper capital markets elsewhere, particularly the U.S., prompting several listing reforms from British regulators.
AstraZeneca said it would list its shares on the New York Stock Exchange and move away from the current depositary receipts structure, with a U.S. listing expected on February 2, 2026.
However, the company will remain headquartered in the UK and be listed in London, Stockholm and New York, and will put the plan to a vote on November 3.
Its London-listed shares rose roughly 1% on Monday, taking the company’s gains for the year to about 6%.
