(Reuters) -Indivior said on Wednesday it plans to relocate its corporate domicile from the UK to the United States, establishing a new Delaware-based parent company, just months after the pharmaceutical firm moved its primary listing to New York.
In July, it cancelled its secondary listing on the London Stock Exchange to reduce costs and better align with its U.S.-centric business, joining a growing number of firms seeking deeper capital markets in the United States amid weak investor appetite and lower valuations in London.
The company’s board cited several strategic benefits for the corporate restructuring, including enhanced access to U.S. capital markets, potential inclusion in additional U.S. equity indices and simplified corporate governance structures.
Under the proposed structure, Indivior Pharmaceuticals Inc, a new Delaware corporation, will become the parent company, with existing Indivior PLC becoming its wholly owned subsidiary.
Shareholders will receive one IPI share for each Indivior PLC share held, with no additional equity being raised as part of the transaction.
The proposal requires an approval from 75% of shareholders voting at an extraordinary general meeting expected to be held in early December, it said.
(Reporting by Raechel Thankam Job and Yadarisa Shabong in Bengaluru; Editing by Krishna Chandra Eluri)
