AstraZeneca shares launch on New York Stock Exchange

Drugs giant AstraZeneca has listed on the New York Stock Exchange, as it targets further global growth.

The UK based-pharmaceutical giant is transitioning to the market by delisting American Depositary Shares from the Nasdaq index.

AstraZeneca started trading on the NYSE on Monday after it stopped trading ADS and certain debt securities on the Nasdaq after the end of trading on Friday.

The FTSE 100 firm will maintain its listings on the London Stock Exchange and Nasdaq Stockholm.

It told shareholders it hopes the new listing will help US investors to participate in the company’s “strong growth”.

AstraZeneca makes almost half of its revenues in the US and is targeting further growth in the world’s largest drugs market.

Last July, the company said plans around 50 billion US dollars (£36.5 billion) in investment in the company by 2030.

It comes days after the group unveiled a tie-up with China’s CSPC Pharmaceutical Group to ramp up development of experimental weight loss and diabetes drugs in a deal worth 18.5 billion US dollars (£13.4 billion).

Under the deal, the FTSE 100 pharmaceutical giant will have access to the exclusive global rights, outside China, to CSPC’s once-a-month dose technology portfolio for weight management to offer more convenient solutions to daily injections.

Michel Demare, chairman of AstraZeneca, said: “Today marks the start of an exciting new period for AstraZeneca, one which we believe gives broader access to the largest capital market in the world.

“This will allow even more investors to participate in AstraZeneca’s future.

“Our harmonised listing across New York, London and Stockholm reflects strong shareholder support for our growth strategy and positions AstraZeneca to deliver more innovative medicines to more patients around the world.”

Lynn Martin, president of NYSE Group, said: “Today we are proud to welcome AstraZeneca to the NYSE, where it joins a community of ground-breakers and industry leaders.

“Through its listing on the world’s largest and most liquid capital market, the company is well-positioned to expand its global investor base and accelerate its commitment to delivering innovation to patients and the wider biopharmaceutical industry.”