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Investing.com -- AstraZeneca PLC (NASDAQ:AZN) ADRs rose 2.2% following a Times report that CEO Sir Pascal Soriot has privately expressed interest in moving the company’s stock market listing to the United States.
According to The Times, citing sources familiar with his thinking, Soriot has discussed his preference for relocating the FTSE 100 company’s listing on multiple occasions and has even considered moving AstraZeneca’s domicile. However, such a move would likely face resistance from parts of the board and the British government, which reportedly has not been informed of these discussions.
Soriot, who has led the pharmaceutical giant since 2012, has publicly voiced concerns about Europe falling behind the US and China in developing innovative medicines. These two markets represent AstraZeneca’s largest revenue sources globally.
The CEO is reportedly "deeply frustrated" with the UK’s operating environment, particularly regarding restrictions on new medicine approvals by the National Institute for Health and Care Excellence (Nice). Specific concerns include approval challenges for drugs and pricing constraints under the NHS sales rebate scheme.
As Britain’s most valuable public company, any potential move by AstraZeneca would represent a significant shift in the UK corporate landscape. The company has become a cornerstone of the British pharmaceutical industry under Soriot’s leadership over the past decade.