AstraZeneca (AZN, Financials) is weighing a move from London to a U.S. stock exchange; a shift that would mark a blow to the UK market and deepen the drugmaker's ties to its largest revenue base.
CEO Pascal Soriot has privately expressed support for the switch; The Times reports he's also floated the idea of relocating the company's legal base. The UK government reportedly hasn't been informed—yet any move could face pushback from board members and officials.
The company, valued at ÂŁ156 billion ($213 billion), has been steadily expanding in the U.S.; earlier this year it pledged $3.5 billion for domestic manufacturing and rejoined the top American pharma lobby group. Nearly 42% of its revenue came from the U.S. in Q1 alone.
London shares of AstraZeneca rose 2.8% Tuesday; the company declined to comment. A listing change isn't confirmed—but momentum seems to be building in that direction.
