Abbott spins off biopharmaceutical business

Abbott Laboratories has finalized the spinoff of its branded biopharmaceutical business into a publicly traded entity named AbbVie. The new firm will focus on developing a broad portfolio anchored by the blockbuster drug Humira, and it will start with more than 20 mid- to late-stage clinical programs in its pipeline. "AbbVie launches with an outstanding portfolio, a solid pipeline and enthusiastic people who will serve patients and deliver growth," AbbVie Chairman and CEO Richard A. Gonzalez said.

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