Abbott unveils AbbVie as new name for future research company

Abbott Park, IL – Pharmaceutical company Abbott says that AbbVie will be the name of the new, independent research-based pharmaceutical company it expects to launch by the end of this year.

The naming of the new company is the latest milestone in a process that began in October 2011, when Abbott announced it would separate 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 proprietary pharmaceuticals and biologics. 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.

Miles D White will remain chairman and CEO of Abbott. Richard A Gonzalez, currently executive vice president, Global Pharmaceuticals, will become chairman and CEO of AbbVie.

The research-based pharmaceutical company has nearly $18 billion in annual revenue today and will have a sustainable portfolio of brands including Humira, Lupron, Synagis, Kaletra, Creon and Synthroid. Its pipeline includes work in specialty therapeutic areas such as Hepatitis C, immunology, chronic kidney disease, women’s health, oncology and neuroscience.