Abbott bonds fall after drugmaker plans divide, trace data show
Bonds of Abbott Laboratories fell after the maker of infant formula, heart stents and prescription drugs said it will split into two companies.
Abbott's $1 billion of 4.125 percent notes due in May 2020 dropped 1.5 cents to 108.8 cents on the dollar at 10:19 New York time, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The debt has decreased from 112.3 cents on Sept. 22, Trace data show.
The Abbott park, Illinois-based firm will divide into two publicly traded companies, with one focusing on generic drugs and medical devices and the other research-based medicines, it said today in a statement.
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