Abbott Laboratories has said that it has completed the spin-off of its research-based pharmaceuticals business into an independent company. The new biopharmaceutical company has been named AbbVie.
In October 2011, the drug major had said that it would separate into two publicly traded companies, focusing separately on diversified medical products and research-based pharmaceuticals.
AbbVie has become a separate company focusing on branded pharmaceuticals like its anti-inflammatory drug Humira. Abbott Laboratories will have a more predictable business built around nutritional formula, generic drugs and heart stents.
Humira is poised to be the world’s top selling drug in 2013, and is used to treat rheumatoid arthritis, Crohn’s disease among other ailments. The drug is expected to surpass $9 billion in sales in 2012.
On November 28, 2012, Abbott’s board of directors declared a special dividend distribution of all outstanding shares of AbbVie common stock.
On January 1, 2013, Abbott shareholders received one share of AbbVie common stock for every one share of Abbott common stock held by them as of close of business on December 12, 2012.