Latest news with #JoeCiaffoni
Daily Mail
3 days ago
- Business
- Daily Mail
Blow to City as pharma group quits London after share price plunge
Indivior is set to delist from the London Stock Exchange after a sharp decline in the value of its shares and a management shake-up earlier this year. The pharmaceutical group, known for its opioid addiction treatments, said on Monday it would cancel its secondary listing on the LSE at the end of July and maintain a primary listing on the Nasdaq. Indivior, which switched its primary listing from the UK to the US last year, told investors the decision to quit London would help cut costs. The firm also took aim at London's weak liquidity and trading volumes, and high administrative costs relative to the New York exchange. Indivior floated in London after being spun-out from Reckitt Benckiser in 2014, with its share price rocketing from 725p to 2,450p by June 2018. However, shares have slumped more than 60 per cent from their peak, trading at 944.5p at Friday close. Indivior also said a solo primary listing better reflects the fact it generates more than 80 per cent of net revenues in the US, which is also home to around 70 per cent of its investors. Shares will cease trading in London after roughly 40 business days, with the delisting pencilled in from 8am on 25 July. The decision comes just months after Indivior overhauled its management, with the group appointing David Wheadon as chair and Joe Ciaffoni as chief executive. Wheadon said on Monday the decision to delist from London was a 'key milestone for Indivior'. He added 'We appreciate the support received from shareholders for this initiative and look forward to capitalising on the expected benefits of this move, including reductions in cost and complexity.'
Reuters
4 days ago
- Business
- Reuters
Indivior to delist from London Stock Exchange, maintain Nasdaq listing
June 2 (Reuters) - Pharma firm Indivior (INDV.L), opens new tab 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 (NDAQ.O), opens new tab 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.
Yahoo
4 days ago
- Business
- Yahoo
Indivior to delist from London Stock Exchange, maintain Nasdaq listing
(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. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
27-02-2025
- Business
- Reuters
UK's Indivior appoints Joe Ciaffoni as CEO
Feb 27 (Reuters) - British drugmaker Indivior (INDV.L), opens new tab on Thursday said it appointed Joe Ciaffoni as its new CEO, replacing current boss Mark Crossley. Crossley, who joined the company in 2012, will be stepping down after a near five-year tenure as the company's CEO, Indivior said. Ciaffoni, an independent non-executive director at the firm since December 2024, will assume the leadership role pending shareholder approval of a new remuneration policy at the annual general meeting in May, the company said in a statement. Last week, the drugmaker projected a 17% fall in 2025 net revenue, partly due to weak sales of its film-form medication-assisted therapy. Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here.
