(Reuters) -Pharma firm Indivior said on Monday it will cancel its secondary listing on the London Stock Exchange, effective July 25, maintaining its primary listing on the Nasdaq to reduce costs and
Indivior Exits London Stock Exchange to Reduce Operational Costs
(Reuters) -Pharma firm Indivior said on Monday it would cancel its secondary listing on the London Stock Exchange, effective July 25, maintaining its primary listing on the Nasdaq to reduce costs and better align with its U.S.-centric business.
The company, known for its opioid addiction treatment, joins a growing number of firms delisting from London, as lower valuations and weak investor appetite continue to drive firms toward U.S. markets.
Shares in the company fell 1% in early trade.
Indivior, which listed in London in 2014 after being spun off from Reckitt Benckiser, has seen its shares fall more than 60% from a 2018 peak.
It shifted its primary listing to the U.S. last year and said the London delisting would streamline operations. Indivior follows other firms, including gambling group Flutter, in shifting primary listings away from the UK market.
London, meanwhile, continues to struggle to revive its appeal as a listing destination despite last year's efforts to overhaul listing rules and revive its capital markets.
Chinese fast-fashion retailer Shein chose Hong Kong over London for its IPO, highlighting the continued difficulty in attracting major IPOs, Reuters reported last month.
A string of London-listed firms, including DS Smith and Darktrace, have also delisted following takeovers in recent months.
Indivior said over 80% of its revenue now comes from the U.S., with the Nasdaq accounting for about 75% of recent trading volumes.
The delisting follows a management shake-up, with David Wheadon appointed chair and Joe Ciaffoni CEO this year. In December, the CFO stepped down after pressure from top shareholder Oaktree Capital.
In February, the drugmaker forecast a 17% drop in 2025 net revenue, partly citing weak sales of its film-form medication-assisted therapy for opiate addiction.
(Reporting by Anandita Mehrotra in Bengaluru. Editing by Sonia Cheema and Mark Potter)
