AstraZeneca wins shareholder backing for NYSE listing in US pivot

Nov 3 (Reuters) - AstraZeneca AZN.L shareholders approved a direct listing of the drugmaker's shares on the New York Stock Exchange on Monday, giving it access to a deeper capital pool.

The drugmaker said 99.36% of votes cast in a general meeting favoured the proposal. The company needed at least 75% of votes for the resolution to pass.

AstraZeneca, London's most valuable company, outlined plans for a much-anticipated U.S. direct listing in September, replacing its existing American depositary receipts on the Nasdaq with ordinary shares on the NYSE, while retaining its London and Stockholm listings.

The U.S. market accounts for more than 40% of AstraZeneca's revenue, making it critical to CEO Pascal Soriot's growth strategy and future outlook amid mounting political scrutiny.

AstraZeneca Chair Michel Demare said in a statement that the shareholder vote in favour of the board's proposal showed strong investor confidence in the company's move to streamline its listing across London, Stockholm and New York.

He said the harmonised listing structure would give AstraZeneca greater flexibility to tap global capital markets, particularly in the U.S., as it continues to expand in high-growth regions.

While analysts and policymakers had expressed relief that the Anglo-Swedish drugmaker's plans did not include ditching its London listing altogether, there are still concerns that the move could prompt other large companies to follow suit.

The direct listing on the NYSE is expected to go live on February 2, 2026.