Shares rise as Abbott’s spin-off AbbVie begins independent trade
The 2nd of January 2013 marked the launch of AbbVie as an independent biopharmaceutical company. Confidence in the company rose as shares for both AbbVie and its parent company, Abbott Laboratories, increased on the first day of trading in the New Year. AbbVie’s stock opened yesterday at US $34.40 before rising to $35.12 at the close, giving the company a market capitalization of $55.8 billion.
Abbott Laboraties announced its plan to spin off the drug division in October 2011. It will retain its name and focus on diversified medicinal products, while its spin-off company, AbbVie, will focus on research-based pharmaceuticals.
“AbbVie launches with an outstanding portfolio, a solid pipeline and enthusiastic people who will serve patients and deliver growth. With those assets and a relentless focus on innovation we intend to create significant value for our shareholders.”
Richard A. Gonzalez, Chairman of the Board and Chief Executive Officer, AbbVie.
The new company’s long-term growth will be fuelled by a compelling pipeline, which includes both growth brands and durable performers, such as Humira (adalimumab) for the treatment of Crohn’s disease and rheumatoid arthritis, HIV treatment Norvir (ritonavir) and AndroGel (testosterone gel). AbbVie also has new discoveries to address diseases including Hepatitis C, Alzheimer’s disease and Parkinson’s disease, to name a few.
Investors hail Abbott Laboratories split (Financial Times)
Abbott Drug Unit Embarks on New Life Without Parent (The Wall Street Journal)
AbbVie press release
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