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Indivior, a pharmaceutical company known for its opioid addiction treatments, has announced plans to completely withdraw from the London Stock Exchange (LSE), intensifying concerns about the LSE’s ability to retain global firms. The Virginia-based firm had already shifted its primary listing to Nasdaq last year but maintained a secondary listing in London—until now.
I. Strategic Focus on U.S. Market Drives Delisting
1. Nasdaq Liquidity and Shareholder Location as Key Factors
Indivior stated that its decision was influenced by the comparatively higher trading volumes and liquidity on the Nasdaq exchange, where a majority of its shareholders are based. More than 80% of the company’s net revenue is generated from the U.S., making the American market central to its operations.
2. Cost and Administration Also Played a Role
The company also cited the financial and administrative burden of maintaining a dual listing. David Wheadon, Indivior’s chair, noted that consolidating the listing under Nasdaq would reduce complexity and operational expenses while better aligning with the company’s business focus.
II. The Broader Impact on the London Stock Exchange
1. Part of a Larger Trend of Delistings
Indivior’s exit adds to a troubling trend for the LSE. In 2023 alone, 88 companies either delisted or moved their primary listings elsewhere—the most significant exodus since the 2009 financial crisis. High-profile companies such as Tui have also relocated to markets like Frankfurt, reflecting broader investor skepticism about the competitiveness of the London market.
2. Temporary Relief with New Listings
Despite the recent losses, the LSE saw a glimmer of hope with the $11 billion listing of Valterra, a platinum division spun off from Anglo American. The listing adds a global mining player to the exchange but does little to offset the high-profile departures.
III. Indivior’s U.S.-Centric Business Model
1. Origins in the UK, But Business is Now U.S.-Driven
Originally listed in London after being spun out from Reckitt Benckiser in 2014, Indivior has since transitioned into a company primarily focused on addressing America’s opioid epidemic. With most of its revenues and shareholders based in the U.S., the company’s operational footprint has gradually moved away from its UK roots.
2. Core Products and Market Performance
Indivior’s revenue climbed by 9% last year to nearly $1.2 billion, primarily driven by the growth of Sublocade—a monthly injectable treatment for opioid addiction. However, sales of Suboxone, a dissolvable tablet or film version, are expected to decline by 50% due to increasing competition from generics. The company also plans to halt production of Perseris, a drug used for schizophrenia treatment.
3. Leadership Changes Amid Business Shifts
In February, Indivior appointed Joseph Ciaffoni, a seasoned pharmaceutical executive, as its new CEO. He replaced Mark Crossley at a time when the company was anticipating a downturn in revenues and facing growing legal and operational challenges.
IV. Legal Challenges Continue to Haunt the Company
1. Lawsuits Tied to Suboxone
Indivior is embroiled in multiple lawsuits, both in the U.S. and UK. In the UK, Wirral council—on behalf of the Merseyside Pension Fund—has brought a case against the company over alleged misleading marketing of Suboxone. Though the case was initially dismissed, an appeal is underway.
2. U.S. Government and Shareholder Scrutiny
The company’s legal troubles date back to 2019, when the U.S. Department of Justice accused Indivior of falsely advertising Suboxone film as a safer alternative. Although Indivior pleaded guilty to one count of false healthcare statements in 2020, it agreed to pay $600 million over several years in a settlement.
Reckitt Benckiser, Indivior’s former parent company, separately agreed to a $1.4 billion settlement, though without admitting liability. The scandal also led to prison time for Indivior’s former CEO, Shaun Thaxter, who was sentenced to six months in 2020 after pleading guilty to misleading Medicaid officials.
Conclusion
Indivior’s decision to fully delist from the London Stock Exchange underscores a broader trend of companies prioritizing listings that align more closely with their revenue base and investor demographics. For Indivior, consolidating under Nasdaq represents not only a strategic alignment with its U.S.-centric business but also a move to reduce overhead and administrative strain. As the LSE continues to see high-profile exits, questions mount about its ability to compete with other major global exchanges. Meanwhile, Indivior continues to navigate legal headwinds while refocusing its efforts on core treatments amid a challenging pharmaceutical landscape.
