Drug maker Indivior considers ditching primary UK listing for US
The company said it had kickstarted discussions with shareholders over the plans.
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Your support makes all the difference.Drugs firm Indivior has said it is considering moving its shares to the US public markets, in the latest blow to the UK’s position as a leading financial hub.
The company, which specialises in treatments for substance use disorders and serious mental illnesses, said it had kickstarted discussions with shareholders.
Chief executive Mark Crossley said: “We are also excited to announce that we are initiating consultations with shareholders on potentially transitioning to a primary listing in the US in 2024 while maintaining a secondary listing in the UK.”
Shares in FTSE 250-listed Indivior surged by more than a fifth on Thursday after the announcement.
The pharmaceutical giant published its financial results for 2023, showing that revenues jumped by 21% year on year.
It would be yet another blow to the reputation of the London Stock Exchange as a listing venue. The more companies that follow this path, the harder it will be to attract new names to the UK
It also significantly narrowed its losses from 85 million US dollars (£67.3 million) in 2022 to a four million US dollar (£3.2 million) loss in 2023.
Russ Mould, investment director at AJ Bell, said: “Indivior could be the next UK stock to pack its bags and set up shop on the US market.
“The company has nearly half of its shares owned by US investors and the US is one of its major sales regions, so there is logic in having a US stock listing.
“However, it would be yet another blow to the reputation of the London Stock Exchange as a listing venue. The more companies that follow this path, the harder it will be to attract new names to the UK.”
Earlier this month, travel group Tui’s shareholders approved the decision to abandon its London listing and focus on Germany.
It said the move would bring clear advantages to the firm with its shares increasingly being bought and sold on the German market.
Other companies to consider moving their main listing to the US include gambling giant Flutter Entertainment, which recently started selling its shares on the New York Stock Exchange.
Building company CRH opted to move its primary listing from London’s FTSE 100 index to the US.