Irish pharmaceutical company, Amryt, is to delist its shares from London's Alternative Investment Market (AIM) and trade solely on the Nasdaq Global Select Market.

The commercial-stage biopharmaceutical company said the change would take effect from January 11 of next year.

"The board of directors of the Company…believes that the AIM Delisting should further enhance the liquidity of trading in the Company's securities by combining on Nasdaq the volume of transactions from both the Nasdaq and AIM," it said in a statement to the stock exchange.

It said that in last month approximately 87% of trading in its ordinary shares was through American Depositary Shares on the Nasdaq.

Each of those ADS represents five ordinary shares.

"Increasing liquidity in our shares and ensuring Amryt is an attractive investment opportunity for existing and new investors is a core strategic focus for Amryt," said Joe Wiley, CEO of Amryt Pharma.

"Since our Nasdaq listing in July 2020 and more recently following the Chiasma acquisition, the vast majority of trading in our shares has taken place on Nasdaq."

"We believe now is the right time to reduce the complexity and significant resources devoted to maintaining a dual listing. We believe concentrating liquidity in one trading venue may attract increased investor interest in our company and will benefit all."

The company, which focuses on acquiring, developing and commercialising novel treatments for rare diseases, said it will post an explanatory circular to shareholders today which contains further information on the delisting and the process to exchange ordinary shares for ADSs.

Amryt also said a Nasdaq-only listing structure provides for a streamlined operation that "showcases the global nature of the Company and places it more clearly within the ranks of international biopharmaceutical companies that are its true peers."

It also claimed that the cost of complying with the AIM rules is duplicative of that for complying with the Nasdaq market rules and the Company sees advantages in reducing its cost base as it progresses its clinical programmes and commercial strategy.