IRISH BIOTECH group Elan has announced plans to switch its primary listing to the United States.

The move comes as an increasing proportion of the company’s business focus and shareholder base is located in the US, particularly after the sale of Elan Drug Technologies in Athlone to Alkermes.

The company will continue to maintain a secondary listing on the Irish Stock Exchange and shareholders will still be able to deal in the company’s stock as usual. A study for Elan found that 84 per cent of its shares are in the form of American Depositary Shares which trade on the New York Stock Exchange.

Only 16 per cent trade in Dublin. The amount of trade in the shares in the US is roughly tenfold that on the Irish exchange.

In a statement to the Irish Stock Exchange, the company said that approximately three-quarters of its shareholders were based in the US, with 20 per cent in Europe. Irish shareholders now account for just 6 per cent of the company’s stock. Elan chief executive Kelly Martin said yesterday that the move was “consistent with our overall goal to simplify our business across the board and continue to enable growth in our business to the long-term benefit of our shareholders”.

“We have been here [in Ireland] for 40 years and look forward to our next 40. The Irish Stock Exchange listing reclassification does not, in any way, diminish our commitment to Ireland.”

The change will come into effect on November 3rd, according to a letter being sent to company shareholders.