In a significant development for UK financial markets, Indivior has confirmed it will delist from the London Stock Exchange (LSE) this summer.
The global opioid addiction treatment specialist, headquartered in Richmond, Virginia, is officially walking away from its secondary London listing on 25 July, choosing instead to consolidate its presence on the Nasdaq.
The move further dents confidence in Britain’s capital markets, which have already faced multiple setbacks in recent years.
The decision reflects a broader trend of UK-listed firms relocating to the US in pursuit of greater liquidity and visibility. Indivior stated the delisting aligns its operations more closely with its commercial heartland—the United States, which generates over 80% of its revenues.
US Market Offers Greater Liquidity
Following a comprehensive internal review, Indivior concluded that liquidity on Nasdaq now “far outweighs” that of the LSE, making the US exchange a better fit for its strategic goals.
“A single primary listing on Nasdaq best reflects the profile of Indivior’s business. We appreciate the support received from shareholders for this initiative and look forward to capitalizing on the expected benefits of this move, including reductions in cost and complexity,” said Chair David Wheadon.
Indivior also highlighted that roughly 75% of its total trading volume has recently come from Nasdaq, a figure that reinforces the growing dominance of the US exchange in its trading activity.
Why Indivior Is Leaving London
The reasons for this London Stock Exchange delisting go beyond simple market preference. Indivior is aiming to streamline operations and cut unnecessary costs linked with maintaining a dual listing. Its decision is heavily tied to the performance of its flagship treatment, Sublocade, which targets opioid use disorder.
Key motivations include:
- Reducing administrative and compliance costs.
- Streamlining news and regulatory announcements to US market hours.
- Focusing on the “most attractive and valuable opportunity set” in the US.
- Aligning fully with its investor base and growth prospects.
The company believes this strategic realignment will allow it to remain agile in a fiercely competitive pharmaceutical landscape.
Indivior made its LSE debut back in early 2015 following a demerger from UK-based consumer goods giant Reckitt Benckiser. A Nasdaq listing followed in 2023, and in June 2024, the firm shifted its primary listing there. Now, with the secondary listing set to disappear, the transition is complete.
Just last year, Indivior had claimed it would retain the London listing “for as long as it is considered to be in the best interests of Indivior and its shareholders.” That position has now changed entirely.
Indivior’s UK shares have been on a volatile journey. Currently trading at 939.6p, they’re up over 200% in the past five years, yet down 35% over the past 12 months.
This recent drop reflects mounting competition from generic drug manufacturers in the US and temporary revenue hurdles from funding issues within certain sectors of the justice system.
According to Russ Mould, investment director at AJ Bell, the writing was on the wall long ago.
“It had already switched its main stock listing to the US and effectively said it would monitor the relevance of the secondary listing in the UK. That was essentially Indivior only propping open the door for an ongoing London presence with its foot. It was just a matter of time before it walked away entirely,” Mould noted.
He added that the London listing only made sense at the time of the Reckitt spin-off, but over 11 years, shareholder interests and business operations have clearly evolved.
Indivior’s London Stock Exchange delisting represents yet another blow to the UK’s financial ecosystem. With high-profile exits mounting, the LSE faces growing pressure to both attract new firms and retain existing ones.
As more companies find the US market more appealing due to investor base, liquidity, and regulatory frameworks, the London bourse may need a radical rethink of its value proposition.
Indivior’s decision to exit the London Stock Exchange and operate solely through Nasdaq may be a corporate strategy rooted in cost and growth, but it also tells a broader story. One of a shifting financial centre of gravity, and of a UK stock market that must now fight harder to stay relevant.
