The Board of AstraZeneca plc (NASDAQ: AZN) is recommending to shareholders a Harmonized Listing Structure for the company's ordinary shares across the London Stock Exchange (LSE), Nasdaq Stockholm (STO), and the New York Stock Exchange (NYSE).
It requires upgrading AstraZeneca's existing U.S. equity listing by way of a direct listing of AstraZeneca ordinary shares on the NYSE, replacing the existing U.S. listing of AstraZeneca ADRs on Nasdaq, the company said in a press release on Monday.
Following the implementing of the Harmonised Listing Structure, shareholders can trade their interests in AstraZeneca ordinary shares across the LSE, STO, and NYSE.
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Michel Demaré, Chair, AstraZeneca, said, "Enabling a global listing structure will allow us to reach a broader mix of global investors and will make it even more attractive for all our shareholders to have the opportunity to participate in AstraZeneca's exciting future."
The Harmonised Listing Structure will not change AstraZeneca's current status as a U.K.-listed, headquartered, and tax-resident company, which will continue to be included in the FTSE 100 index and the OMX Stockholm 30 index.
Reuters said the move eases concerns for U.K. investors after reports suggested the Anglo-Swedish drugmaker, London's most valuable company, might shift its listing to the U.S., a prospect that fueled worries over London's shrinking stock market as firms chase higher valuations and deeper capital pools abroad.
On Monday, AstraZeneca released high-level results from a planned interim analysis of the DESTINY-Breast05 Phase 3 trial.
The study showed that Enhertu (trastuzumab deruxtecan) demonstrated a highly statistically significant and clinically meaningful improvement in invasive disease-free survival (IDFS) versus trastuzumab emtansine (T-DM1) in patients with HER2-positive early breast cancer with residual invasive disease in the breast or axillary lymph nodes after neoadjuvant treatment and a high risk of disease recurrence.
Earlier this year, the company shared data from the DESTINY-Breast11 Phase 3 neoadjuvant trial.
Overall survival (OS) was not mature at this planned interim analysis and will be assessed later.
Price Action: AZN stock was trading higher by 0.84% to $74.38 premarket at last check Monday.
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