AstraZeneca PLC on Monday announced plans to directly list its ordinary shares on the New York Stock Exchange, a move aimed at attracting a broader base of global investors and accessing deeper capital pools.
The proposed change would replace the British drugmaker's existing U.S. listing of American Depositary Receipts on Nasdaq, harmonizing its share structure across London, Stockholm, and New York, the company said.
AstraZeneca stated the move would provide the company with flexibility to access the world's largest and most liquid public markets.
"Enabling a global listing structure will allow us to reach a broader mix of global investors and will make it even more attractive for all our shareholders to have the opportunity to participate in AstraZeneca's exciting future," said Chair Michel Demaré in a statement.
The company confirmed it will remain headquartered, listed, and tax resident in the U.K., and will continue to be included in the FTSE 100 index.
The plan is subject to shareholder approval at a general meeting scheduled for Nov. 3.
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