AbbVie (NYSE:ABBV), once the research-based pharmaceuticals business of Abbott Laboratories (NYSE:ABT), began trading Wednesday as an independent biopharmaceutical company on the New York Stock Exchange.
In October 2011, Abbott announced that it was separating into two independent companies because its businesses had “evolved into two different investment identities,” one that focused on a pipeline of breakthrough therapies, and one that centered on diagnostic tests, medical devices, nutritional items, and branded generic pharmaceuticals.
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“We wish our colleagues at AbbVie continued success as they become part of a new, independent company that is already making a significant difference, focusing on highly specialized, market-leading therapies for some of the world’s most difficult-to-treat diseases,” said Miles D. White, chairman and chief executive officer of Abbott, in a press release.
The move will help Abbott concentrate on its four main businesses, which are aligned with global long-term health trends: the world’s aging population, increasing prevalence of chronic disease, and improving access to healthcare in growing economies.
Shares of both Abbott and AbbVie rose as the companies traded on the market for the first time as separate businesses.
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