Indivior moves towards US listing

Indivior announced on Friday morning that it has filed a registration statement with the US Securities and Exchange Commission in connection with its intended establishment of a sponsored Level 2 American Depositary Receipt programme, and a US listing of American Depositary Shares.

The FTSE 250 firm’s American Depositary Shares are currently traded over-the-counter pursuant to a sponsored Level 1 ADR programme in conjunction with JPMorgan Depositary Bank.

Each American Depositary Share is expected to represent five ordinary shares in Indivior.

“The intention to list Indivior shares as a sponsored Level 2 ADR in the US is a logical next step for the company, following its demerger from Reckitt Benckiser Group in 2014,” said CEO Shaun Thaxter.

“The US listing recognises that Indivior is a predominantly US business, with its operational headquarters in Richmond, Virginia, the majority of its employees based in the US, and with an increasing proportion of its shares owned in the US.”

Thaxter said it also reflects that its peer group of specialty pharma companies is mostly US-based.

“We intend to retain our UK domicile and our London listing, which have served the company well in the first two years of independence.

“However, having a US dollar-denominated and US-listed share may well be a constructive capability for the next phase of Indivior's development,” Thaxter added.

The company said it intends to maintain its listing on the London Stock Exchange, and no new ordinary shares will be issued in connection with the US listing.

Indivior will announce its ticker symbol and stock exchange for the Level 2 ADR programme prior to the commencement of trading in the US, its board confirmed.