London-listed pharmaceuticals company Indivior PLC (LSE:INDV) has, as anticipated, confirmed that it will move its primary listing to the US.
Shareholders still need to approve the transfer, though this will be seen as a formality given the previously signalled support from major shareholders.
“After receiving strong indications of support from our shareholders, we are confirming our intention to seek shareholder approval in May 2024 to facilitate a primary listing in the US while maintaining a secondary listing in the UK," said chief executive Mark Crossley in a first-quarter trading update on Thursday.
The vast majority of Indivior’s revenues are generated out of the US (85% in the last quarter) and it has a substantial US-based shareholder base. It is headquartered in Virginia, US.
Invidior said a primary US listing “could be beneficial to Indivior stakeholders as it would better align with the group's current and future growth opportunities, attract more US investors and analysts, allow for inclusion in US indices over time and better reflect the growing proportion of the group's share capital owned by US-based investors”.
Shares fell over 3% on Thursday, though underwhelming financial results are likely to have contributed.
Indovior’s first quarter was “below expectations”, said Stifel analysts, with sales increasing by 12% to $284 million compared to market estimates of $299 million.