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Indivior to cancel secondary listing in London
(Sharecast News) - Drugmaker Indivior has announced plans to cancel its secondary listing in London, just a year after moving its primary listing to the Nasdaq. The company, which in May 2024 said it would stay listed in London "for as long as it is considered to be in the best interests of Indivior and its shareholders as a whole", said the decision to cancel its listing better reflects its geographic presence, with more than 80% of net revenues generated from the US. Over 70% of holders of its ordinary shares are also located in the US,.
The cancellation would also eliminate the "cost and complexity" of maintaining a secondary listing, while the timing of material news announcements can now align with industry peers in the US.
Lastly, Indivior said the the liquidty on Nasdaq "far outweighs liquidity on the LSE", with trading on the US index accounting for 75% of total trading volumes across both exchanges over the past 30 days.
As such, the company has requested to the Financial Conduct Authority to cancel its secondary listing.
"We are pleased to announce this key milestone for Indivior following our evaluation period," said chair David Wheadon.
"A single primary listing on Nasdaq best reflects the profile of Indivior's business. We appreciate the support received from shareholders for this initiative and look forward to capitalizing on the expected benefits of this move, including reductions in cost and complexity."
Indivior's share price was down 0.4% at 940.5p by 0836 BST.
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