March 21 When Abbott Laboratories splits
into two companies later this year the branded drugs business
will go by the name AbbVie, the company said on Wednesday.
AbbVie was derived by combining the original Abbott name
with the Latin root vi, meaning life, the company said.
AbbVie, which will be run by Richard Gonzalez, currently
Abbott's head of global pharmaceuticals, will have nearly $18
billion in annual revenue, about half of that coming from its
blockbuster rheumatoid arthritis drug Humira.
Abbott said it expects the split to take place by the end of
the year, but has not yet disclosed a proposed symbol under
which the new company's stock will trade.
The diversified healthcare company announced its intention
to split the pharmaceuticals business into a separate publicly
traded entity in October.
Chief Executive Miles White will continue to lead Abbott,
which will retain the medical devices, diagnostics and
The AbbVie logo will be unveiled when the new company is
launched, Abbott said.