Indivior PLC has announced its intention to cancel its secondary listing on the London Stock Exchange (LSE), consolidating its primary listing on the Nasdaq Stock Market. The move, set to take effect from 8:00 a.m. UK time on July 25, 2025, marks a significant shift in the company’s capital markets strategy and reflects its evolving business profile and shareholder base.
The decision follows a comprehensive review by Indivior’s Board of Directors, who concluded that the benefits of maintaining a dual listing no longer outweigh the costs and administrative complexities. Over 80% of Indivior’s net revenue now originates from the United States, largely driven by its leading product SUBLOCADE. Additionally, the company reports that more than 70% of its shareholders by value are now based in the U.S., and trading activity has increasingly shifted to Nasdaq, which accounts for approximately 75% of the company’s total trading volume over the past month.
By streamlining its listing structure, Indivior aims to fully align its capital markets presence with its operational and financial realities. The company expects this move to eliminate unnecessary costs, reduce administrative burden, and allow for more efficient communication of material news in line with its U.S. peer group.
For shareholders, the delisting from the LSE will have limited impact. Direct holders of Ordinary Shares or those holding through DTC brokers will continue to be able to trade their shares on Nasdaq without interruption. However, holders of U.K.-issued Indivior Depositary Interests and participants in the Corporate Sponsored Nominee facility are encouraged to review the company’s guidance on converting their holdings to ensure seamless trading post-delisting.
No shareholder approval is required for this transition, as Indivior is currently assigned to the Equity Shares (Transition) category of the Official List. The company has provided approximately 40 business days’ notice to accommodate shareholders and ensure a smooth transition.
Chair David Wheadon emphasized that this milestone reflects Indivior’s commitment to maximizing value for shareholders and capitalizing on growth opportunities in its largest and most dynamic market. The company will remain subject to the UK Takeover Code for two years following the delisting, providing continued protection for shareholders during the transition.
Indivior’s strategic realignment underscores the growing importance of the U.S. market for global healthcare companies and highlights the increasing trend of firms optimizing their listing structures to match their business footprints.
