MASSDEVICE ON CALL — Healthcare giant Abbott (NYSE:ABT) will officially split into 2 parts starting tomorrow, essentially separating the proprietary drug division from the rest of the company.
AbbVie
Abbott’s board approves AbbVie pharma spinout | Wall Street Beat
Abbott (NYSE:ABT) said its board of directors approved the spinout of its branded pharmaceuticals business as AbbVie Inc. in which Abbott’s shareholders will receive an AbbVie share for each ABT share they own.
The distribution is slated for Jan. 1, 2013, for shareholders of record as of Dec. 12, according to a press release.
DePuy Synthes, Brainlab ink integration pact | Wall Street Beat
Johnson & Johnson (NYSE:JNJ) subsidiary DePuy Synthes Spine said it inked a deal with Brainlab to develop integrated surgical navigation and imaging devices.
NuVasive takes a shellacking on lowered guidance | Wall Street Beat
NuVasive Inc. (NSDQ:NUVA) shares are down more than 30% today after the medical device company said yesterday that its 3rd-quarter results are likely to be substantially lower than predicted.
San Diego-based NuVasive, which makes spinal surgery implants, said 3rd-quarter sales will be about $147 million, 4.8% below the roughly $154.4 million the company expected to post.
Abbott’s new pharma spin-out chief’s college credentials “misstated”
Contrary to previous company statements, longtime Abbott executive and new pharmaceutical spin-off chief Richard Gonzalez never finished college, the company confirmed today.
An administrative error resulted in regulatory filings stating that Gonzalez had earned a bachelor’s degree from the University of Houston and master’s degree from the University of Miami. Although Gonzalez attended both institutions, he didn’t graduate from either. Abbott has since updated the information on its corporate website to address the error.
Analysts differ on Abbott’s post-split prospects | Wall Street Beat
Wall Street analysts are by and large predicting good things for Abbott (NYSE:ABT) after it spins out its branded pharmaceuticals division, to be named AbbVie, early next year.
But, although some are decidedly bullish on ABT, others are taking a more cautious approach until more is known about the structure of the deal.
Abbott details $15B AbbVie spinout financing | Wall Street Beat
Abbott’s split reflects “evolution” of the healthcare market, says CEO | Wall Street Beat
Abbott (NYSE:ABT) offered additional details on its up-coming split, which will result in a new standalone pharmaceutical and biologics arm dubbed AbbVie.
Abbott unveils executive roster for AbbVie spinout | Personnel Moves
IBM’s Watson supercomputer tackles cancer | MassDevice.com On Call
MASSDEVICE ON CALL — IBM’s Jeopardy-winning Watson supercomputer is taking a swing at oncology research in efforts to help hospitals more quickly diagnose and treat cancer.
Watson can cull through 200 million pages of information in less than 3 seconds, according to IBM, and the machine is getting an education in oncology at Manhattan’s Memorial Sloan-Kettering Cancer Center.