|Key people||Richard A. Gonzalez, Chairman & CEO|
On October 19, 2011, Abbott Laboratories announced that it planned to separate into two companies, one in medical products and the other in research-based pharmaceuticals. Both are now publicly traded. The medical products company retained the Abbott name. The research-based pharmaceuticals company is named AbbVie. In preparation for this reorganization, Abbott has "drastically cut expenses" and taken a US$478 million charge in Q3-2012 to pay for the restructuring. The separation was effective as of January 1, 2013. AbbVie was officially listed in the New York Stock Exchange on January 2, 2013.
Abbott, located in North Chicago, Illinois, previously announced the splitting of their company. It did not become official until nearly a month and a half after it was mentioned. On November 28, 2012, Abbott publicly stated in the Chicago Tribune that once their company splits into two on January 1, the shareholders of their company will receive one share of AbbVie common stock for each share that they own of Abbott. This deal was approved on Wednesday, November 28. This announcement was viewed as very important by Abbott because it begins an important objective of the separation of the business.
Abbott also announced the shareholders of the company will receive their one share of AbbVie common stock beginning on January 1, the day the company will split. Only the shareholders who are listed as owning a share of Abbott by December 12 will be able to receive one share of AbbVie. The new company, AbbVie, whose symbols are, ABBV, is expected to begin trading on the New York Stock Exchange on January 2. Abbott will continue to be run by Miles White, the chairman and chief executive of the company. AbbVie will be led by new named CEO, Richard Gonzalez, previous executive of Abbott. AbbVie will feature Humira, a drug that is expected to produce more than 9 billion dollars and expected to bring them much success.
The principal market for AbbVie’s common shares is the New York Stock Exchange(Symbol: ABBV). Shares are also listed on the Chicago Stock Exchange and traded on various regional and electronic exchanges. Outside the United States, AbbVie’s shares are listed on the NYSE Euronext Paris, and the SIX Swiss Exchange.
- "Fact Sheets | AbbVie". Retrieved 9 December 2013.
- 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.
- Peter Frost (October 17, 2012), "Abbott lays off 550", Chicago Tribune, retrieved November 16, 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 Investors". Retrieved 29 June 2013.