Nov 28 Abbott Laboratories said on
Wednesday that its board approved the planned split of its
pharmaceuticals business into a separate company and that Abbott
investors would receive one share of the new company's common
stock for every share of Abbott stock they own.
The new entity, AbbVie, which will be an independent company
with Abbott retaining no ownership stake, will begin trading on
the New York Stock Exchange on Jan. 2, under the ticker symbol
ABBV, the company said.
Abbott is keeping the medical devices, diagnostics and
nutritionals businesses. AbbVie will be a pharmaceuticals
company buoyed by the nearly $9 billion-a-year rheumatoid
arthritis drug Humira, and will take with it the experimental
drugs in Abbott's developmental pipeline, including promising
new hepatitis C treatments.
Abbott shares closed up 51 cents at $64.57 on the New York