Abbott names new research-based pharma company AbbVie
Will separate into two publicly traded global healthcare companies by the end of the year
Abbott has announced that AbbVie will be the name of the new, independent research-based pharmaceutical company that it expects to launch by the end of 2012.
The naming of the new company is the latest stage in a process begun by Abbott in October 2011 to separate into two publicly traded companies, one in diversified medical products and the other in research-based pharmaceuticals.
AbbVie will include Abbott's current portfolio of 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 claim to be global leaders in their respective industries.
Miles White will remain chairman and chief executive of Abbott. Richard Gonzalez, currently executive vice president, Global Pharmaceuticals, will become chairman and ceo of AbbVie.
‘With a powerful family of products and a continued focus on breakthrough innovations targeting some of the most critical medical needs, AbbVie will be positioned to deliver market-leading performance and better health for patients,’ said White.
The research-based pharmaceutical company currently has nearly US$18bn in annual revenue and its portfolio includes the Humira, Lupron, Synagis, Kaletra, Creon and Synthroid brands.
A pipeline of innovative r&d assets in therapeutic areas such as Hepatitis C, immunology, chronic kidney disease, women's health, oncology and neuroscience, are expected to drive future growth.
