Abbott to name spinoff company AbbVie
Libertyville Township-based Abbott Laboratories announced that AbbVie will be the name of the new, independent research-based pharmaceutical company that is expected to be spun off by the end of 2012.
Abbott announced last year it would split into two publicly traded companies, one in diversified medical products and the other in research-based pharmaceuticals. AbbVie, the research-based pharmaceutical company, will include Abbott’s current portfolio of leading proprietary pharmaceuticals and biologics, the company said. The diversified medical products company, which will retain the Abbott name, will consist of Abbott’s existing diversified medical products portfolio, including its branded generic pharmaceutical, devices, diagnostics and nutritional businesses. Both companies will be global leaders in their respective industries.
Miles D. White will remain chairman and CEO of Abbott. Richard A. Gonzalez, currently executive vice president for Abbott’s Global Pharmaceuticals, will become chairman and CEO of AbbVie.
The name is derived from a combination of Abbott and “vie,” which references the Latin root “vi” meaning life.
“The beginning of the name connects the new company to Abbott and its heritage of pioneering science,” said Gonzalez. “The ‘vie’ calls attention to the vital work the company will continue to advance to improve the lives of people around the world.”
The research-based pharmaceutical company will have nearly $18 billion in annual revenue based on current estimates and will have a sustainable portfolio of market-leading brands, including Humira, Lupron, Synagis, Kaletra, Creon and Synthroid.
The AbbVie logo and graphic identity will be unveiled when the new company is launched.