AstraZeneca plans to elevate its New York listing in a blow to London, as one of the UK’s biggest companies accelerates its pivot to the US.
In a significant shake-up, Britain’s largest drugmaker said on Monday that it planned to list its shares directly on the New York Stock Exchange, replacing the American depositary receipts (ADRs) that until now have given US investors exposure to the company.
The changes by AstraZeneca, the second-biggest company on the blue-chip FTSE 100 index, will put its listing in the US — which accounts for almost half of sales — on more of an equal footing with London.
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