REG - Indivior PLC - Indivior to Commence Consultations

IndiviorAnnouncement

31/03/2022 14:00

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RNS Number : 8043G  Indivior PLC  31 March 2022

 

 

 

Indivior to Commence Formal Shareholder Consultations on Additional US
Listing

Richmond, VA, March 31, 2022 - Indivior PLC, (LON: INDV) today announced that
further to its announcement on February 16, 2022, it is commencing formal
consultations with shareholders on the potential for an additional listing of
Indivior shares in the US on a major stock exchange.

The Board believes that an additional US listing is likely to be beneficial to
elevating the Group's profile in its largest market. In coming to its view,
the Board considered the following key elements of the Group's strategy,
structure and opportunity:

·    Approximately 80% of Group's net revenue is generated in the US;

·    The US currently is, and is expected to remain, the Group's largest
and highest value market for its key treatments (SUBLOCADE® and PERSERIS®);

·    Healthcare comprises approximately 20% of US gross domestic product
(GDP) and, as such, the US contains the largest pool of biopharma-focused
investors and research analyst coverage;

·    The CEO and a majority of the Group's leadership team are based in
the US;

·    40%-plus of shareholders are based in North America; and

·    Provides a US stock currency for potential business development.

The Board looks forward to receiving investor feedback during the
consultations and, if supportive, the Board intends to put forward a formal
shareholder resolution in September of this year that would facilitate an
additional listing in the US.

Comment by Graham Hetherington, Chair of the Board

In assessing Indivior's optimal listing structure, the Board's approach is
always to consider what is in the best interests of the Group and all of its
stakeholders over the long-term. The Board believes that an additional US
listing in the near-term would be beneficial because we believe it will raise
the Group's profile in its highest value market and potentially attract a
broader group of biopharma shareholders. Longer-term, it also provides the
Group with the optionality to pursue a primary or sole US listing, if
appropriate.

We have received initial positive feedback from a broad range of shareholders
on the potential of an additional US listing. We are, however, mindful that
this is a complex issue for shareholders, and we look forward to commencing a
period of formal consultations with our shareholders. We will listen carefully
to all shareholder feedback and expect to make a further announcement
following the conclusion of shareholder consultations, which is likely to be
in July of this year in conjunction with the Group's H1 2022 results.

Background

In conjunction with its FY 2021 results release on February 16, 2022, the
Group's Board indicated that it had been assessing the optimal listing
structure for Indivior shares and that its preliminary view was that an
additional listing of Indivior shares on a major US stock exchange is likely
to be beneficial to the Group's profile and ability to attract a broader group
of biopharma-focused investors and research analysts. The Board is now
formally commencing further consultations with institutional shareholders on
the potential of such an additional US listing.

More detail on the US additional listing considerations can be found in the
Consultation presentation on the Group's website. If supported by
shareholders, the key considerations and anticipated timings for an additional
US listing are as follows:

·    Additional listing of Indivior shares on a major US stock exchange
(i.e., NASDAQ, NYSE);

·    Full premium London Stock Exchange listing maintained;

·    FTSE indexation maintained;

·    Requires shareholder approval by a majority of 75% (of votes cast) of
a resolution to amend Indivior's articles of association to facilitate
settlement of its shares in the UK and US;

·    Extraordinary General Meeting of shareholders to obtain such approval
in September 2022; and

·    Earliest implementation of additional US listing in Spring 2023.

Investors interested in further inquiry on this initiative are invited to
reach out to the Key Contacts listed below.

About Indivior

Indivior is a global pharmaceutical company working to help change patients'
lives by developing medicines to treat substance use disorders (SUD) and
serious mental illnesses. Our vision is that all patients around the world
will have access to evidence-based treatment for the chronic conditions and
co-occurring disorders of SUD. Indivior is dedicated to transforming SUD from
a global human crisis to a recognized and treated chronic disease. Building on
its global portfolio of OUD treatments, Indivior has a pipeline of product
candidates designed to both expand on its heritage in this category and
potentially address other chronic conditions and co-occurring disorders of
SUD, including alcohol use disorder and cannabis use disorder. Headquartered
in the United States in Richmond, VA, Indivior employs more than 900
individuals globally and its portfolio of products is available in over 40
countries worldwide. Visit www.indivior.com
(https://nam12.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.indivior.com%2F&data=04%7C01%7Cjason.thompson%40Indivior.com%7Ce5a2346f599647fe3cb508da1313b444%7Cbed52191489442999db948e4fb29646e%7C1%7C0%7C637843272586689780%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000&sdata=NeCTaN7pU6ff80%2FsJk2McsieAZpjnyWU87dggeEV8kA%3D&reserved=0)
to learn more. Connect with Indivior on LinkedIn by visiting
www.linkedin.com/company/indivior
(https://nam12.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.linkedin.com%2Fcompany%2Findivior&data=04%7C01%7Cjason.thompson%40Indivior.com%7Ce5a2346f599647fe3cb508da1313b444%7Cbed52191489442999db948e4fb29646e%7C1%7C0%7C637843272586689780%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000&sdata=PI4QgbGT1LYYngXcQY1Bzz58oywHbuEMAVsABbLcn0E%3D&reserved=0)
.

Key Contacts:

Jason Thompson

VP, Investor Relations

+1 804-402-7123 or jason.thompson@indivior.com

 

Tim Owens

Director, Investor Relations

+1 804-263-3978 or timothy.owens@indivior.com

 

Kathryn Hudson

Company Secretary

+44 (0)1753 423940 or Kathryn.hudson@indivior.com
(mailto:Kathryn.hudson@indivior.com)

 

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