AstraZeneca's CEO, Pascal Soriot, is reportedly considering moving the company's stock market listing and possibly its corporate base to the US, which would be a significant blow to the London Stock Exchange (LSE) and the UK government's industrial strategy. Soriot has expressed frustration with the UK's regulatory and commercial environment, including the NHS's non-approval of a breast cancer drug and a cancelled £450m vaccine hub investment. The company's share price reacted to the news. The move would highlight concerns about the UK's attractiveness for pharmaceutical investment, potentially leading to job losses and further departures from the LSE. The Labour government is facing pressure, and the Chancellor's upcoming Mansion House speech will be watched for plans to revitalize London's financial hub.
If AstraZeneca goes to the US it will be a major blow for London and Labour
AI Summary
TL;DR: Key points with love ❤️AstraZeneca's CEO, Pascal Soriot, is reportedly considering moving the company's stock market listing and possibly its corporate base to the US, which would be a significant blow to the London Stock Exchange (LSE) and the UK government's industrial strategy. Soriot has expressed frustration with the UK's regulatory and commercial environment, including the NHS's non-approval of a breast cancer drug and a cancelled £450m vaccine hub investment. The company's share price reacted to the news. The move would highlight concerns about the UK's attractiveness for pharmaceutical investment, potentially leading to job losses and further departures from the LSE. The Labour government is facing pressure, and the Chancellor's upcoming Mansion House speech will be watched for plans to revitalize London's financial hub.
Trending- 1 2014: Pascal Soriot fended off Pfizer takeover
- 2 Three years ago: Soriot received knighthood
- 3 Late January: AstraZeneca ditched planned £450m investment in Speke
- 4 April: Soriot commented on companies moving to where they feel welcome
- 5 This week (Tuesday/Wednesday): News breaks about AstraZeneca considering US move, share price reacts
- 6 This week: Government postponed publication of life sciences strategy
- 7 Later this month: Chancellor's Mansion House speech expected
- Major blow for London Stock Exchange
- Threatens UK government's industrial strategy
- Potential loss of well-paid advanced manufacturing and research jobs in the UK
- Increased pressure on Labour government
- Could encourage other firms to consider similar moves
- AstraZeneca's share price fluctuations