Drug maker Indivior has become the latest major UK listed company to scrap its London share trading.
The pharmaceuticals company, which has its UK headquarters in Slough, said it planned to cancel its secondary listing in London.
Indivior only moved its primary listing to Nasdaq last June and now wants to sever all share trading links with the City.
The move comes just a year after Invidior’s board said it planned to keep the London listing "for as long as it is considered to be in the best interests of Indivior and its shareholders as a whole."
Reasons given for scrapping the London listing following a review include the fact that 80% of the company’s revenue is generated in America; trading on Nasdaq accounts for approximately 75% of total volumes across both exchanges; more than 70% of the share are now held by investors located in the U.S; and the elimination of “the cost and complexity of maintaining a secondary listing.”
Another major factor is that the company’s biggest selling drug Sublocade, a treatment for helping opioid addicts reduce their dependence, has its biggest market in the US.
Last year Sublocade accounted for $756 million of the company’s total $1.2 billion sales.
Indivior was spun out of its former parent company, the consumer products giant Reckitt Benckizer in 2014 as a free standing London listed company.
The Virginia based company’s chair David Wheadon, said:"We are pleased to announce this key milestone for Indivior following our evaluation period. 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."
London has suffered a major outflow of listed companies over recent years in a blow to the prestige of the City.
A total of 88 firms delisted or transferred their primary listing from the London Stock Exchange last year, the highest number since the financial crisis of 2008, according to auditor EY.
Only 18 companies came on to the London market last year as the vital flow of small and growing businesses raising capital by listing their shares on the London stock market dried up.
