Abbott (ABT) to Launch New Research-Based Pharma Company at End of FY12
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Abbott (NYSE: ABT) announced that AbbVie [pronounced Abb-vee] will be the name of the new, independent research-based pharmaceutical company it expects to launch by the end of 2012.
The naming of the new company is the latest milestone in the process that began in October 2011, when Abbott announced it would separate into two publicly traded companies, one in diversified medical products and the other in research-based pharmaceuticals. AbbVie, the research-based pharmaceutical company, will include Abbott's current portfolio of leading proprietary pharmaceuticals and biologics. The diversified medical products company, which will retain the Abbott name, will consist of Abbott's existing diversified medical products portfolio, including its branded generic pharmaceutical, devices, diagnostics and nutritional businesses. Both companies will be global leaders in their respective industries.
The naming of the new company is the latest milestone in the process that began in October 2011, when Abbott announced it would separate into two publicly traded companies, one in diversified medical products and the other in research-based pharmaceuticals. AbbVie, the research-based pharmaceutical company, will include Abbott's current portfolio of leading proprietary pharmaceuticals and biologics. The diversified medical products company, which will retain the Abbott name, will consist of Abbott's existing diversified medical products portfolio, including its branded generic pharmaceutical, devices, diagnostics and nutritional businesses. Both companies will be global leaders in their respective industries.
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