Wednesday, October 19, 2011

Abbott Plans to Split Into Two Companies - NYTimes.com

Abbott Laboratories said on Wednesday that it would separate into two publicly traded companies, one focused on medical devices like heart stents and the other developing what it called “researched-based pharmaceuticals,” like its blockbuster rheumatoid arthritis drug Humira.

The medical device company would retain the Abbott name and have $22 billion in annual sales, and be led by Miles D. White, the current chairman and chief executive. The pharmaceutical spin-off, which has yet to be named, would have $18 billion in annual sales and be led by Richard A. Gonzalez, an Abbott veteran of three decades.

“Today’s news is a significant event for Abbott, and reflects another dynamic change in our company’s 123-year history, strengthening our outlook for strong and sustainable growth and shareholder returns,” said Mr. White in a news release.

Posted via email from Jack's posterous

No comments: