Indivior Stocks Surge on U.S. Market Expansion Plans
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Indivior's stocks saw a notable 22% increase following the company's announcement of potential shifts towards the U.S. market. This decision marks a significant move away from the London Exchange landscape, coinciding with a reported swing to a fourth-quarter pretax profit.
As of 1405 GMT, shares had risen by 239.0 pence, marking an 18% increase to 1,595.0 pence. The peak for the session hit 1,650.07 pence, reflecting an impressive 35% surge over the previous 12 months.
The pharmaceutical firm based in the U.K. disclosed its ongoing discussions with investors regarding a primary listing in the U.S., potentially by Summer of this year. Despite the shift, Indivior intends to maintain a secondary listing within the U.K., emphasizing its commitment to both regions.
Highlighting its U.S.-centric focus for proprietary products, Indivior aims to leverage the envisioned move to attract a wider array of American investors and analysts. Notably, almost half of its existing shareholders are based in the U.S., making this strategic shift a natural progression for the company.
Given positive feedback from shareholders during consultations, Indivior plans to propose a formal resolution facilitating the primary U.S. listing in Summer 2024. If executed, this transition would align Indivior with a growing trend of companies opting for U.S. market presence over London exchanges.
Irish building-materials supplier CRH, previously listed on London's FTSE 100 index, shifted its main listing to New York in September. On Jan. 29, Flutter Entertainment, parent company to FanDuel, PokerStars, and Paddy Power, commenced trading in New York while maintaining a secondary listing on the London Stock Exchange.
British chip maker Arm Holdings opted for New York as the preferred location for its stock market return over London.
Anticipating further growth, CRH projects a net revenue range of $1.24 billion to $1.33 billion for 2024.
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