AstraZeneca to upgrade US listing in ‘knock-back for London’

A shift in AstraZeneca’s listing would be a big loss for the London Stock Exchange, which has already suffered a string of departures by companies seeking higher valuations. Photograph: Dado Ruvić/Reuters

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”.

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