Abbott to launch AbbVie research-based pharmaceutical company
23 March 2012 00:00 in Pharmaceutical Company Restructures
Abbott has announced that it will be launching a new independent research-based pharmaceutical company called AbbVie at the end of this year.
The move comes as part of plans announced by Abbott in October 2011 to separate into two distinct operations, with AbbVie focusing on the development of the group's $18 billion (11.34 billion pounds) portfolio of leading proprietary pharmaceuticals and biologics.
Richard Gonzalez, the current executive vice-president for global pharmaceuticals at Abbott, will become chairman and chief executive officer of AbbVie, which will sell products such as Humira, Lupron, Synagis, Kaletra and Creon.
Meanwhile, the Abbott name will be retained by the diversified medical products division, which will continue to be led by Miles White.
Mr Gonzalez said: "With a powerful family of products and a continued focus on breakthrough innovations targeting some of the most critical medical needs, AbbVie will be positioned to deliver market-leading performance and better health for patients."
In 2011, the group generated annual sales of $38.85 billion, up by 10.5 per cent year on year.
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