Abbott (NYSE: ABT) announced that AbbVie [pronounced Abb-vee] will be the name of the new, independent research-based pharmaceutical company it expects to launch by the end of 2012. The naming of the new company is the latest milestone in the 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 leading 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. Both companies will be global leaders in their respective industries.
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 name is derived from a combination of Abbott and "vie," which references the Latin root "vi" meaning life.
"The beginning of the name connects the new company to Abbott and its heritage of pioneering science," said Mr. Gonzalez. "The 'vie' calls attention to the vital work the company will continue to advance to improve the lives of people around the world."
"With a powerful family of products and a continued focus on breakthrough innovations targeting some of the most critical medical needs, AbbVie will be positioned to deliver market-leading performance and better health for patients," said Mr. White.
The research-based pharmaceutical company has nearly $18 billion in annual revenue today and will have a sustainable portfolio of market-leading brands, including Humira, Lupron, Synagis, Kaletra, Creon and Synthroid. An attractive pipeline of innovative R&D assets - in important specialty therapeutic areas such as Hepatitis C, immunology, chronic kidney disease, women's health, oncology and neuroscience - will help drive future growth.
The AbbVie logo and graphic identity will be unveiled when the new company is launched.
About Abbott
Abbott is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs approximately 91,000 people and markets its products in more than 130 countries.