AstraZeneca ‘may quit London stock market'
Sir Pascal Soriot has reportedly spoken of his desire to move the listing to the US in private meetings and suggested moving AstraZeneca's domicile away from the UK.
Shares jumped almost 3pc following the report in The Times, which indicates that investors support the idea.
AstraZeneca leaving would be a huge blow to the London Stock Exchange, which has been reeling from a string of departures and a dearth of new listings.
It would also be a setback for the Government, which is expected to unveil its long-awaited life sciences sector plan within days.
AstraZeneca is the largest listed business in London and Britain's biggest drugmaker, with its headquarters in Cambridge.
Sir Pascal has been increasingly critical of red tape in the UK and the charges paid by drugmakers to the NHS.
Last year, pharmaceutical companies paid the NHS £3bn under a drug rebate scheme meant to stop the health service's costs spiralling out of control.
However, the cost of the scheme to drugmakers has ballooned since the pandemic.
Sir Pascal has been among those to criticise the scheme, telling the Government that it should 'continue working on improving the environment to attract investment'.
Bitter pill
AstraZeneca has snubbed the UK for investment in recent years amid concerns over the operating environment.
In 2023, it said it had overlooked Britain for a new $400m (£320m) drug factory because of its 'discouraging' tax regime.
Last year, AstraZeneca axed plans for a separate £450m vaccine factory in Liverpool after the Government lowered the financial support available.
Speaking in April, Sir Pascal said investment would go towards countries that favour AstraZeneca by buying its cutting-edge medicines.
He said: 'Companies will follow where they feel welcome. In our industry, it's a question of where do we think patients will be able to benefit from our products and we invest there.'
The prospect of AstraZeneca quitting the London market and shifting its headquarters will pile pressure on ministers to improve the UK for drug companies.
Labour is this week expected to outline its strategy to turn Britain into the world's third-largest pharma superpower after the US and China.
The strategy has already been hit by setbacks, with ministers last week scrambling to agree a crucial deal on NHS drug charges that was meant to be at the centre of its plan to boost growth.
AstraZeneca's exit would also ramp up pressure on the London Stock Exchange, which has been hit by a raft of high-profile exits, including Paddy Power owner Flutter and drugs giant Indivior.
Any move by AstraZeneca would require board approval.
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