By Charlie Conchie

LONDON (Reuters) -AstraZeneca’s move to upgrade its listing in the U.S. risks pulling liquidity away from London’s stock market and could pave the way for other large companies to follow suit, analysts, investors and advisers said.

The British drugmaker, one of London’s most valuable listed companies, said on Monday it would retain its listings in London and Stockholm but also plans to offer its shares directly on the New York Stock Exchange, moving away from the current depositary receipt structure, from next February.

AstraZeneca Chair Michel Demare cited the fact that U.S. shareholders represent the drugmaker’s largest single investor group while its U.S. business accounted for 43% of total revenue last year and is expected to represent 50% of revenue by 2030.

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