AstraZeneca CEO Considers Shifting Stock Listing to US
Pascal Soriot, the chief executive of AstraZeneca, has reportedly expressed interest in moving the company’s stock market listing from the UK to the US.
The head of Britain’s most valuable listed firm has privately discussed favoring a shift to New York, according to the Times, which also noted that he had weighed relocating the company’s legal headquarters.
AstraZeneca’s shares rose 2.8% on Tuesday, with much of the gain occurring after the report was published.
Such a move would be a significant setback for the London Stock Exchange, which has already seen several major companies leave in pursuit of higher valuations. Recent departures from the FTSE 100 include equipment rental firm Ashtead, betting company Flutter Entertainment, construction supplier CRH, and packaging business Smurfit Westrock.
While the UK government would likely oppose AstraZeneca’s relocation, it lacks the authority to prevent it. Labour recently identified life sciences as a priority sector in its industrial strategy.
AstraZeneca declined to comment.
The company is believed to have privately voiced dissatisfaction after the NHS refused to fund its breast cancer drug, Enhertu, due to cost concerns. Earlier this year, the Cambridge-based firm withdrew from a £450m vaccine project in Liverpool, citing insufficient government financial backing.
Since Soriot became CEO in 2012, AstraZeneca’s market value has more than tripled. It now exceeds that of Shell – also rumored to be considering a US move – and HSBC, reaching £157bn.
The US remains the largest pharmaceutical market globally, with the highest per-capita drug spending, despite shorter life expectancies than some nations. UK executives often argue their firms are undervalued compared to US peers.
Soriot has highlighted ambitions to expand in the US. Last November, he told investors the company aims for further growth there as part of its 2030 strategy, according to data firm Alphasense. He described the US as a critical market that fosters innovation, vowing continued investment to accelerate expansion.
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