22. March 2012 14:02
Abbott Laboratories has given the name AbbVie to the research-based pharmaceuticals business it intends to spin out later this year.
The division of Abbott into two separate companies, one for pharmaceuticals and one for diversified medical products, was announced in October.
The Abbott brand name will stay with the medical products company.
“The beginning of the name connects the new company to Abbott and its heritage of pioneering science,” explained Richard Gonzalez, Chief Executive of AbbVie. “The ‘vie’ calls attention to the vital work the company will continue to advance to improve the lives of people around the world.”
AbbVie’s product portfolio, which includes such major brands as arthritis drug Humira, HIV drug Kaletra and cholesterol-lowering drugs Tricor and Niaspan, brings in almost $18bn per year in revenue.
The new company also has R&D assets in hepatitis C treatment, immunology, chronic kidney disease, women’s health, oncology and neuroscience, including four projects currently in phase III.
This strong pipeline is expected to help it survive the loss of patent protection for Humira, Tricor and Niaspan between now and 2012.