Abbott and AbbVie leaders welcome business separation

Abbott has hailed the separation of its research-based pharmaceuticals division into a new company as the most transformative action in its 125-year history.

Originally announced in October 2011, the split took effect this week and has resulted in the creation of the independent biopharmaceutical company AbbVie, while the Abbott brand will focus on diagnostics, medical devices, nutrition and branded generic pharmaceuticals.

Employees from more than 40 countries joined AbbVie's leaders to ring the first opening bell of 2013 at the New York Stock Exchange on January 2nd, a symbolic gesture to mark its new independent trading status.

AbbVie's portfolio includes brands such as Humira, AndroGel, Lupron, Synagis, Creon, Synthroid, Kaletra and Norvir, with annual revenue capabilities of around $18 billion (11.1 billion pounds).

Miles White, chairman and chief executive officer of Abbott, said the new arrangement will provide for patients, communities and shareholders more effectively.

Meanwhile, AbbVie chief Richard Gonzalez added: "AbbVie launches with an outstanding portfolio, a solid pipeline and enthusiastic people who will serve patients and deliver growth."