|Headquarters||North Chicago, Illinois, United States|
|Key people||Richard A. Gonzalez, Chairman & CEO|
|Revenue||$4.926 billion (2Q14)|
|Net income||$1.1 billion (2Q14)|
On October 19, 2011, Abbott Laboratories announced that it planned to separate into two publicly traded companies, one focused on diversified medical products and the other on research-based pharmaceuticals. The medical products company retained the Abbott name, and the research-based pharmaceuticals company was named AbbVie. The separation was effective January 1, 2013 and AbbVie was officially listed on the New York Stock Exchange (ABBV) January 2, 2013.
AbbVie is led by Richard A. Gonzalez, a 30-year Abbott veteran who served previously as Executive Vice President of Pharmaceuticals. He also served as Abbott’s President and Chief Operating Officer, prior to a brief retirement in 2007. AbbVie features Humira, a medicine that has exceeded $10 billion in global sales.
On June 20, 2014 Reuters reported that AbbVie had attempted to acquire Shire for $46.5 billion (£27.3 billion or £46.11 per share); however, this offer was rejected. On July 8, AbbVie raised this offer to $51.5 billion. On July 11, it emerged that Shire had begun negotiating with AbbVie. One aspect of the potential deal would allow AbbVie to move its tax domicile from Illinois to the United Kingdom, reducing the company's liable tax rate from 22% to 13%. On July 14, Bloomberg reported that AbbVie would back a fifth offer, increasing it to $53.7 billion. On July 18, it was announced that AbbVie would acquire Shire for $54.8 billion. As part of the deal AbbVie will acquire a series of rare-disease drugs, including Elaprase for Hunter syndrome and Replagal for Fabry disease. On October 15, news broke suggesting AbbVie was reconsidering their proposed takeover deal due to changes in US "Tax Inversion" law and on October 16, AbbVie's board recommended that shareholders vote against the deal. On October 21 the merger was called off.
In September 2014, it was announced that AbbVie would join Infinity Pharmaceuticals in co-developing and commercializing Infinity's phosphoinositide-3-kinase (PI3K) inhibitor, duvelisib (IPI-145). This deal could net up to $805 million for Infinity through upfront and milestone based payments.
In September 2014 it was announced that AbbVie would collaborate with Calico (an abbreviation of California Life Sciences LLC), a Google company, as it creates a $1.5 billion R&D site in San Francisco Bay. The collaboration is aimed at developing new treatments for neurodegeneration and cancer.
- Abbott Press Release (October 19, 2011). "Abbott to Separate into Two Leading Companies in Diversified Medical Products and Research-Based Pharmaceuticals". Retrieved March 22, 2012.
- Abbott Press Release (March 21, 2012). "Abbot Selects AbbVie as New Name for Future Research-Based Pharmaceutical Company". Retrieved March 22, 2012.
- Abbott Press Release (2 January 2013). "Abbott Completes Separation of Research-Based Pharmaceuticals Business". Abbott Laboratories. Retrieved 2 January 2013.
- AbbVie Press Release (2 January 2013). "AbbVie Celebrates Launch As New Biopharmaceutical Company With Employees, Patients". AbbVie Pharmaceuticals. Retrieved 2 January 2013.
- "AbbVie Said to Consider New Bid After Shire Rejects Offer". Bloomberg. Retrieved 10 August 2014.
- "Shire Holding Takeover Talks With AbbVie". Bloomberg. Retrieved 10 August 2014.
- "AbbVie Moves Closer to Shire Deal With $53.7 Billion Bid". Bloomberg. Retrieved 10 August 2014.
- Simeon Bennett and Caroline Chen (19 July 2014). "AbbVie Is Biggest to Quit U.S. Address in $55 Billion Shire Deal". Bloomberg.
- Albertina Torsoli, Kristen Hallam and Oliver Staley (15 October 2014). "AbbVie Reconsidering Shire Sends Inversion Targets Down". Bloomberg.
- Albertina Torsoli, Manuel Baigorri and Matthew Campbell (16 October 2014). "AbbVie Board Recommends Holders Vote Against Shire Deal". Bloomberg.
- Philippidis, Alex (21 October 2014). "AbbVie, Shire Call Off $51.7B Merger". GEN News Highlights. Gen. Eng. Biotechnol. News.
- "GEN - News Highlights:AbbVie, Infinity to Co-Develop Duvelisib in Up to $805M Deal". GEN.
- "GEN - News Highlights:Google-Backed Calico Joins AbbVie in Up to $1.5B Collaboration". GEN.