Global healthcare company Abbott Laboratories has completed the separation of its research-based pharmaceuticals business, which became AbbVie, a new independent biopharmaceutical company. AbbVie began trading independently on the New York Stock Exchange on Jan. 2, 2013, under the symbol "ABBV."
On Nov. 28, 2012, Abbott's board of directors declared a special dividend distribution of all outstanding shares of AbbVie common stock. For every one share of Abbott common shares held as of close of business on Dec. 12, 2012, Abbott shareholders received one share of AbbVie common stock on Jan. 1, 2013.
Abbott announced in October 2011 that it was separating into two independent companies, as its businesses evolved into two different investment identities. AbbVie is a research-based specialty biopharmaceuticals company with a broad portfolio of medicines, including leadership in immunology and virology, and a pipeline of breakthrough therapies. Abbott is one of the largest science-based, diversified healthcare companies, with market-leading offerings in diagnostics, medical devices, nutritionals and branded generic pharmaceuticals.
"Abbott has taken the most transformative action in its 125-year history," said Miles D. White, chairman and CEO of Abbott. "We have had enduring success precisely because of what we're doing now—reinventing ourselves for changing times and creating new ways to serve the millions of patients, customers, communities and shareholders who depend on us."
Abbott begins its 125th year with approximately $22 billion in revenues generated throughout 150 countries and remains one of the largest and most far-reaching global healthcare companies, with diversity across technologies, businesses and geographies.