AstraZeneca upgrades US listing in blow to London

The UK's biggest drugmaker, AstraZeneca, has said it will list its shares directly on the New York stock exchange in a decision described as a "knock-back for London".

- Julia Kollewe Lauren Almeida

The FTSE 100 company said its direct listing in New York would replace trading in its American depositary receipts - which give US investors exposure to non-US companies - on the Nasdaq.

AstraZeneca, the UK's second biggest listed company, with a market value of about £170bn, insisted it would remain based in Cambridge and listed on the London Stock Exchange. The New York listing, however, puts its US shares on an even footing with its London-listed stock. The move, which must be approved by shareholders, also opens the company up to investment from US pension funds.

The US is the world's biggest capital pool and largest pharmaceutical market. AstraZeneca made $23.2bn (£17.3bn) in US revenue last year, about 43% of its total. The figure is expected to reach 50% by 2030.