AstraZeneca Considering Move to US, Impact on London and Labour

Three years ago Pascal Soriot received a knighthood for services to UK life sciences and leadership in the global response to the Covid pandemic. Soriot, who grew AstraZeneca into Britain's most valuable company, is now considering moving the company's stock market listing and corporate base to the US. This potential move has caused concern in the UK scientific community and could impact the London market.

The company's share price fluctuated following the news, with Soriot expressing frustration with UK authorities over regulatory and commercial issues. He has highlighted disparities in healthcare spending and clinical trial timelines between the UK, Europe, and the US. Soriot has emphasized the importance of a welcoming environment for companies and the role of tax policies in decision-making.

While Soriot has reaffirmed AstraZeneca's commitment to the UK, the company has made significant investments in the US. The possibility of AstraZeneca relocating to the US comes at a challenging time for the UK government, with negotiations on drug pricing stalling. The potential move could have implications for London's status as a financial hub.

It remains uncertain whether AstraZeneca will proceed with the relocation, but the discussions have raised concerns among analysts and could influence other companies' decisions regarding their listings. The move would be a significant setback for the London Stock Exchange and could impact efforts to attract more firms to list on the LSE.

For the UK government, the situation poses challenges as it navigates negotiations with the pharmaceutical industry and works to enhance London's appeal as a financial center. The outcome of these discussions could have far-reaching implications for the UK's industrial and financial landscape.

According to the source: The Guardian.