City tastes bitter medicine as AstraZeneca lists in US

Is Big Pharma UK coming down with something? On the day GSK lost its leader, AZ revealed its plans to list in New York

- JAMES MOORE

Big Pharma UK was already in ferment before AstraZeneca announced its intention to list its shares in New York, in a big blow to London.

GlaxoSmithKline - Britain’s second-biggest drugmaker, after AZ - is having to recruit a new CEO after Emma Walmsley surprised the industry by stepping aside early, after eight years in the post.

These two announcements coming on the same day has set City tongues wagging. Things could be about to get really interesting - but perhaps not in a good way.

Before today, there were two big issues facing the UK's life-science sector. The first: an ongoing row over how much the NHS pays for its medicines. A “voluntary” rebate mechanism currently in force is, says the industry, far too onerous and ends up costing them pots of cash.

At the same time, Donald Trump has been shaking his little fists at the industry, warning of punitive tariffs if drug companies don’t start making more of their product in the US. Which is, we shouldn't forget, by far the biggest market for most of them. And also one where they can more or less charge what they want.

It is against that backdrop that the UK’s leading biopharmaceutical company is flying to New York. Here’s what it had to say (warning: corporate PR yuck incoming):