(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 better align with its U.S.-centric business.
The company, known for its opioid addiction treatment, joins a growing number of companies delisting from London, as lower valuations and weak investor appetite continue to drive firms toward U.S. markets.
Shares of Indivior, which floated in London in late 2014, have dropped more than 60% from record highs hit in June 2018.
The company 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 aims to streamline operations and reflect the company’s strategic focus on the U.S. market, it said.
Indivior moved its primary listing to the United States last year.
The decision to delist from London comes just months after Indivior overhauled its management. Earlier this year, it appointed David Wheadon as chair and Joe Ciaffoni as CEO.
(Reporting by Anandita Mehrotra in Bengaluru; Editing by Sonia Cheema)
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