Abbott board approves separation of AbbVie
Declares a special dividend distribution of AbbVie stock
Abbott Laboratories’ board of directors has approved the company’s spin-off of its pharmaceuticals business, to form a new company called AbbVie.
The US healthcare company has also declared a special dividend distribution of all the outstanding shares of AbbVie common stock, which will be paid on 1 January next year.
The distribution of these shares will complete the separation of the pharmaceuticals business from Abbott. After the distribution, AbbVie will be an independent, publicly traded company.
AbbVie common stock is expected to begin trading on the New York Stock Exchange (NYSE) on 2 January.
‘Today's announcement marks another important milestone toward the completion of our business separation,’ said Miles White, chairman and CEO of Abbott. ‘Abbott and AbbVie are well-positioned to begin 2013 as leaders in their respective markets.’
AbbVie will be a research-based specialist biopharmaceuticals company with a broad portfolio of medicines, including a leading position in immunology and virology, and a pipeline of new therapies.
Abbott will be one of the largest science-based healthcare companies with diversified offerings in diagnostics, medical devices, nutritionals and branded generic pharmaceuticals.