AstraZeneca plans to list on NYSE, but will remain in the U.K.

AstraZeneca laid out plans on Monday to switch to a direct listing of its shares in the United States, as the drugmaker seeks to maximise gains from a booming U.S. stock market, even as it said it was not exiting London.

The decision to remain UK-based and listed there will be of some relief to British investors after media reports suggested the Anglo-Swedish drugmaker—London’s most valuable company—was considering ditching its UK listing in favour of the U.S.

London’s stock market has been shrinking due to companies moving away for higher valuations and access to deeper capital markets elsewhere, particularly the U.S., prompting listing reforms from regulators to score some wins.

AstraZeneca said it would list its shares on the New York Stock Exchange and move away from the current dep