Anglo-Swedish pharmaceutical concern AstraZeneca will float shares on the New York Stock Exchange, it said Monday, Sept. 29. These securities will replace depositary receipts, which are now traded on the Nasdaq exchange.
"Creating a global listing structure will allow us to attract a broader range of international investors," Chairman Michel Desmarais said in a statement. The U.S. has the most liquid public markets in the world and the largest pool of innovative biopharmaceutical companies and investors that AstraZeneca wants to access, the press release said.
At the same time, the company decided to keep its listing and headquarters in London - amid rumors that it was considering a relocation. Management has repeatedly criticized the British regulatory regime and pointed out that the country lags behind the U.S. and China in terms of competitiveness, recalls Bloomberg. The pharma giant's potential delisting has raised concerns about the London stock market's decline, Reuters notes . AstraZeneca is the second most capitalized company in the country.
AstraZeneca shares in London jumped 1.6% at the open of trading in London.
This article was AI-translated and verified by a human editor
