Drugmaker to strengthen New York ties
AstraZeneca has unveiled plans to boost its presence in the United States by switching its shares to a full New York Stock Exchange listing, marking a setback for London’s financial markets.
The £172bn pharmaceutical giant, led by chief executive Pascal Soriot, said it would replace the American depositary receipts (ADRs) that US investors have used since 2020 with directly listed ordinary shares.
The move is designed to put New York on the same footing as its long-standing London base.
London remains, but weakened
While AstraZeneca confirmed it will remain headquartered in the UK and keep its place on the FTSE 100, analysts warned the changes could drain liquidity from London. Trades in its UK-listed shares will now be settled in the US, signalling a tilt towards Wall Street.
Mark Kelly of MKP Advisors called it “a thinly veiled transfer of liquidity to New York and likely the start of a backdoor exit from the UK”.
The announcement comes as the City struggles to retain major listings. A string of companies have already shifted to the US, citing deeper capital markets and stronger investor appetite.
Political and market pressures
The shake-up also reflects political realities. US president Donald Trump has threatened steep tariffs unless foreign drugmakers expand American investment. AstraZeneca has pledged $50bn for US research, development and manufacturing, and expects US sales to rise from 43% of group revenue today to half by 2030.
One shareholder told reporters the move was “a charm offensive” towards Washington but stressed that keeping a London listing and UK headquarters was essential: “If AstraZeneca left London, it would be a disaster.”
Investors to decide
The company said the dual focus will create “a global listing for global investors in a global company” and broaden its appeal among American institutions and retail investors. Analysts also suggested it could boost AstraZeneca’s eligibility for US index funds.
Shareholders will vote on the proposal on 3 November. AstraZeneca’s stock rose slightly in early trading following the announcement.
