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Investing.com -- AstraZeneca PLC (LON:AZN) said Monday it plans to move its U.S. trading venue to the New York Stock Exchange (NYSE), shifting from its current Nasdaq listing of American depositary receipts. The company said the change will give it access to a wider investor base.
The Anglo-Swedish drugmaker said it will remain headquartered and tax resident in the U.K., with listings in London and Stockholm intact.
Shares in AstraZeneca rose 1.5% in early London trading.
"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."
The announcement comes after reports earlier this year suggested the company might abandon its London listing in favor of the U.S., sparking concern about the health of the U.K. market.
London has faced a steady outflow of high-profile names seeking higher valuations abroad. Recent moves include Unilever choosing Amsterdam for its ice cream spin-off, while Glencore, Petershill Partners and Ashtead have all considered or pursued alternatives to London.
AstraZeneca’s decision comes against the backdrop of intensifying political pressure on the drug industry, with U.S. President Donald Trump warning companies of heavy tariffs if they fail to expand investment and manufacturing domestically.
The company said Monday’s proposal is intended to “widen the pool of investors in AstraZeneca, especially U.S. domestic institutional and retail investors.”
The plan still requires shareholder approval, with a vote scheduled for November 3.
Earlier this month, AstraZeneca shelved plans for a £200 million ($268.8 million) expansion of its Cambridge research site, joining other pharmaceutical companies scaling back U.K. investments due to a difficult operating environment.