Abbott completes separation into two independent companies

A new independent company called AbbVie has been formed to take forward Abbott's research-based pharmaceuticals business.

Abbott has split into two independent companies in order to separate its research-based pharmaceuticals business.

Following its original announcement of the plans in October 2011, AbbVie has now begun trading independently on the New York Stock Exchange.

The new research-based specialty biopharmaceutical company boasts a broad portfolio of drugs and a pipeline of potentially groundbreaking therapies.

Meanwhile, Abbott has retained a portfolio of diagnostics, medical devices, nutritional products and branded generic pharmaceuticals.

Miles White, chairman and chief executive officer of Abbott, said the move represents the company's "most transformative action in its 125-year history".

"We wish our colleagues at AbbVie continued success as they become part of a new, independent company that is already making a significant difference, focusing on highly specialised, market-leading therapies for some of the world's most difficult-to-treat diseases," he said.

Mr White added that the company has reinvented itself to meet the "changing times".