The split, initially announced in October 2011, will spin out the research pharmaceuticals division into a publicly traded firm dubbed AbbVie (NYSE:ABBV), the stock for which hit the market earlier this month.
Last year Abbott announced its plan to spin out the pharma biz, saying it would keep the Abbott brand for its diversified medical businesses. The board of directors officially signed off on the spin-out just last month, noting that "AbbVie will be an independent, publicly-traded company and Abbott will retain no ownership interest."
Chairman & CEO Miles White later told shareholders in a letter that the split "reflects long-term changes in the healthcare market that have led us over time to create distinctly different business models." Over the summer, the company revealed the new executive roster for AbbVie.
In June, Abbott put together a $14.5 billion financing package to back the spin-out. Morgan Stanley is putting up a $7.5 billion bridge loan, JP Morgan is putting up a $5 billion revolving credit line and Bank of America Merrill Lynch is leading a separate $2 billion revolver.
Do medical dogs need FDA review?
More research with dogs indicate that they may be as good as some diagnostics kits when it comes to detecting certain types of conditions, such as low blood sugar and the presence of the bacteria C difficile, but does that mean that the FDA should consider testing and review for dogs as medical devices?
Kids suspected of suffering from appendicitis can get the diagnosis without the radiation
Researchers urged healthcare providers to stick to ultrasound-based scanning when attempting to diagnosis pediatric cases of appendicitis, warning that the increased radiation exposure associated with CTs may "significantly increase children’s lifetime cancer risk."
Ventlab pediatric resuscitators recall lands FDA’s Class I status
Respiratory devices company Ventlab Corp. got slapped with FDA Class I status, the highest-risk category for medical device recalls, for a recall affecting more than 14,600 infant and small child resuscitator.