UK-based Indivior considers a secondary US listing as the opioid addiction treatment maker’s sales surge
- Indivior has confirmed it is exploring a secondary listing in the US
- Shares in the FTSE 250-listed company surged nearly 10% in early trading
UK-based opioid addiction treatment maker Indivior has confirmed it is exploring a secondary listing in the US, which is its biggest market.
The group has posted a rise in annual sales today, having seen its bottom line buoyed by strong sales of its newer injectable therapy.
Shares in the FTSE 250-listed company have risen sharply, and were up 9.75 per cent or 22.20p to 250.00p just before 9am on Wednesday.
New listing? UK-based opioid addiction treatment maker Indivior has confirmed it is exploring a secondary listing in the US
The London-listed group has been focusing on developing newer treatments, including the injectable Sublocade, and has benefited from patients resuming routine visits to clinics and hospitals where most of its treatments have to be administered.
The growth is a boost for Indivior, which in recent years was grappling with competition and drawn-out legal challenges over its top-selling treatment in the US, where it generates around 80 per cent of its revenue.
Boss Mark Crossley, said: ‘Our preliminary view is that an additional US listing is likely to be beneficial to the group’s profile and visibility.’
He added: ‘We are aware that this is an important topic, and the Board and management intend to consult extensively with shareholders before concluding on any future path.’
The group’s pre-tax profit for the final quarter of 2021 was $39million, compared with a loss of $14million for the same period a year before.
It swung to a pre-tax profit of $190million for the year, up from a loss of $173million. Net revenue for the quarter rose to $222million from $185million the year before and swelled 22 per cent to $791million.
Indivior is upbeat about its prospects for the year ahead and said it was on track to reach its target of over $1billion worth of revenue in a year.
Opioid addiction has been widespread in the US and, according to the US Centers for Disease Control and Prevention, nearly 500,000 people died from opioid overdoses in the country from 1999 to 2019.