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AstraZeneca began trading its ordinary shares on the New York Stock Exchange on February 2, 2026, marking the largest market-capitalisation transfer in the exchange’s history. The listing replaces the company’s American depositary shares programme.
The move is intended to broaden AstraZeneca’s access to U.S. capital markets as the company targets $80 billion in annual revenue by 2030. AstraZeneca has previously said it expects approximately half of that revenue to be generated in the United States.
At the same time, the UK-based drugmaker announced a $15 billion investment plan in China through 2030, alongside a licensing agreement with CSPC Pharmaceuticals valued at up to $18.5 billion. Under the agreement, AstraZeneca will acquire rights to eight preclinical and early-stage obesity programmes, including a once-monthly injectable therapy. The deal includes an upfront payment of $1.2 billion, with the remainder tied to development, regulatory, and commercial milestones.
The China investment plan covers research and development as well as manufacturing activities. The expansion follows regulatory scrutiny in 2025 related to unpaid import duties, which AstraZeneca previously said it was addressing with local authorities.
AstraZeneca said the CSPC assets are intended to strengthen its obesity pipeline, with further development and commercialisation subject to regulatory approval.
Market reaction to the announcement was mixed. Shares of CSPC Pharmaceuticals fell more than 10 percent on the day the deal was disclosed.
AstraZeneca did not provide additional detail on how it will prioritise investment or development activity between the United States and China.
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