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Indivior's Strategic Shift: Canceling London Listing

Indivior PLC, a prominent pharmaceutical company that specializes in treatments for opioid use disorder, has made a significant announcement regarding its stock listings. On June 2, 2025, the company revealed its intention to cancel its secondary listing on the London Stock Exchange while continuing to maintain its primary listing on the Nasdaq. This strategic decision comes after comprehensive reviews of its listing structure, ultimately aiming to benefit shareholders and streamline operations.

Background and Reasons for Delisting

In a preceding circular published on May 3, 2024, Indivior's board expressed the intention to maintain its secondary listing in London as long as it benefited the company and its shareholders. However, with ongoing evaluations regarding the effectiveness of this dual listing, the board now believes that canceling the London listing aligns better with Indivior's business model and market dynamics.

Among the compelling reasons for this crucial move are:

• - Enhanced Focus on U.S. Operations: With over 80% of its net revenue generated in the U.S., the cancellation reflects Indivior's decision to concentrate on its most valuable market, especially in promoting its flagship product, SUBLOCADE.
• - Improved Liquidity: The board noted that trading volume on Nasdaq far exceeds that on the LSE, constituting approximately 75% of Indivior's total trading volume as of late May 2025, further reinforcing the rationale behind the delisting.
• - Cost Efficiency: By eliminating the administrative burden of sustaining a secondary listing, Indivior anticipates not only reduced expenses but also improved operational efficiency.
• - Shareholder Convenience: With over 70% of its shareholders located in the U.S., the delisting facilitates more timely communication of material news and results closely aligned with U.S. market schedules.

Process and Timing of the Delisting

Indivior's management announced that the London delisting would take effect at 8:00 a.m. U.K. time on July 25, 2025, after providing shareholders more than the required notice period of 20 business days. The last day for trading shares on the London Stock Exchange will be July 24, 2025, after which no trading will occur on this platform. It's important to note that Indivior's listing on Nasdaq will remain unaffected by this transition.

For shareholders directly holding Ordinary Shares or those who hold them through a DTC broker, the company has stated that this transition will have no adverse effects. However, holders of Indivior Depositary Interests (U.K. DIs) are encouraged to familiarize themselves with the changes that will apply post-delisting, including potential steps for converting their holdings into a format that allows trading of Ordinary Shares on Nasdaq.

David Wheadon, Indivior's Chair, expressed optimism about this key milestone, emphasizing that a single primary listing on Nasdaq is likely to enhance shareholder value and align closely with the company’s business profile.

Future Implications

The delisting is anticipated to facilitate more streamlined communications and reduce the complexities previously associated with dual listings, allowing the company to focus on enhancing operational efficiencies and growing its market presence in the U.S. That said, while the Takeover Code continues to apply for a further two years post-delisting, shareholders will still be protected under its provisions during that period.

Indivior remains committed to innovating within the pharmaceutical sector, especially concerning opioid use disorder. This move is aligned with their vision to extend evidence-based treatments globally, transforming an ongoing health crisis into a treatable condition. As the company transitions fully to its Nasdaq listing, stakeholders and investors alike will be watching closely for the positive outcomes this significant strategic shift may yield.