Abbvie (Pty) Ltd
- Tel: 0118313200
- Email: [email protected]
- Address: 219 Golf Club Terrace, Abbott Place, Constantia Kloof, Roodepoort, Gauteng
Description
On October 19, 2011, Abbott Laboratories announced its plan to separate into two publicly traded companies. The new Abbott Laboratories would specialize in diversified products including medical devices, diagnostic equipment and nutrition products, while AbbVie would operate as a research based pharmaceutical manufacturer. The separation was effective January 1, 2013, and AbbVie was officially listed on the New York Stock Exchange (ABBV) on January 2, 2013. According to Miles White, CEO at the time, the purpose of the split was to allow markets to value the two businesses separately, White said that investors would benefit from two fundamentally different investment opportunities with distinct strategic profiles and business priorities. Some investors were concerned that the split was done to protect the value of the device business from the loss of value facing the drug division due to the imminent expiration of patents on Humira, which accounted for about half of the drug division's revenue. As of December
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