NEW YORK (GenomeWeb News) – Abbott said today that it has completed the separation of its research-based pharmaceutical business, which has been spun out into a publicly traded entity called AbbVie.
Abbott announced its plans to split the company into two separate, publicly-traded companies — one focused on diversified medical products and the other on research-based pharmaceuticals — in October 2011.
In late November Abbott's board of directors declared a special dividend distribution of all outstanding shares of AbbVie stock. For every one share of Abbott common shares held, Abbott shareholders received one share of AbbVie common stock on Jan. 1.
Abbott said that it is now composed of four businesses — diagnostics, medical devices, nutritionals, and branded generic pharmaceuticals — all of roughly equal size.
Abbott Chairman and CEO Miles White said that the split is "the most transformative action" in Abbott's 125-year history.
In Wednesday morning trade on the New York Stock Exchange shares of Abbott were up 1 percent at $31.79.