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NYSE Euronext announced that international pharmaceutical company Eli Lilly and Company (ticker: LLY), based in Indianapolis, Indiana (USA), completed its listing on NYSE Euronext Paris today. Eli Lilly and Company is the seventeenth company already listed in the United States to join the European platform since the streamlined, cost-effective Fast Path process was adopted. On 27 February 2013, the company announced its decision to delist from the London Stock Exchange on 27 March this year. Eli Lilly and Company maintains its principal listing on the New York Stock Exchange.
Eli Lilly and Company is an innovation-driven company that discovers, develops, manufactures, and markets products in two business segments – human pharmaceutical products and animal health products. It employs more than 38,000 people worldwide and sells its products in approximately 130 countries.
Eli Lilly and Company was listed on NYSE Euronext Paris through the admission to trading of the 1.1 billion shares making up the company’s capital stock, representing a total market capitalisation of approximately EUR 48.6 billion / USD 62.9 billion.
“We are delighted to welcome Eli Lilly and Company to our European market and in so doing promote biotechnology as a cutting-edge industry and priority ” said Diederik Zandstra, Head of the European Corporate Client Group at NYSE Euronext.
Note:
Background on cross-listing on NYSE Euronext European markets
o NYSE Euronext is the first and only exchange group to offer a truly global cross-market listing, trading and visibility platform, providing cost-effective, convenient access to investors and business partners in the US and in Europe.
o NYSE Euronext is the first exchange group to offer companies the ability to trade and raise capital in € and $ and reach investors and constituents directly across continents and multiple time zones, regions and countries.
o Valuable for any company looking to enhance its global profile, support an international business or expand its non-US investor base, a Fast Path listing provides an easy, cost-effective way to gain a European trading presence. Euronext regulators accept documentation, previously filed with the SEC, to comply with the EU Prospectus Directive. With Fast Path, a company avoids the need to draft and translate a separate prospectus in order to be admitted to trading. Documents filed with the SEC serve as the primary component to obtain approval from the competent Euronext regulator. The SEC documentation is combined with a summary “wrapper”, addressing any additional European and local requirements, forming the company’s European prospectus.
