AstraZeneca, the UK’s second-most valuable company, announced plans Monday to directly list shares in New York, reflecting the growing appeal of US markets for foreign firms.
While the drugmaker said it plans to keep its headquarters in the UK and retain its primary listing there, the move nevertheless deals a blow to London, which has seen its stock market shrink as companies hunt for capital elsewhere. The move reflects AstraZeneca’s effort to deepen its US presence as President Donald Trump calls for more pharma investment.
It also sets a worrying precedent for London if it marks “the start of a mid-Atlantic drift” for UK-based firms with meaty American operations, The Guardian’s financial editor wrote. “Globalisation comes with a gravitational pull to the US.”
