Abbott plans to split off pharmaceutical unit

10/19/2011 | Wall Street Journal, The · Reuters

Abbott Laboratories said it will spin off its drug division, through a tax-free distribution to shareholders. The firm seeks to bolster investor confidence in the remaining medical-product business, which will continue to use the Abbott name. "The pharma piece got so big and is so different that these two investments make sense separately, and both are of a critical mass and size that they have great sustainability going forward as independent companies," said Abbott Chairman and CEO Miles White.

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Wall Street Journal, The · Reuters

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