Abbott selects ‘AbbVie’ as new name for R&D firm
pharmafile | March 21, 2012 | News story | Research and Development, Sales and Marketing | Abbott
Abbott has said its new R&D firm will be called AbbVie, and expects to launch the spin-off company at the end of 2012.
The company said the naming of the new firm was the latest milestone in the process that began in October 2011, when it announced it would split into two publicly traded companies.
One company will be focused on diversified medical products and the other in research-based pharmaceuticals.
AbbVie, the research-based pharma 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.
Miles White will remain chairman and chief executive of Abbott whilst Richard Gonzalez, currently executive vice president of global pharmaceuticals, will become chairman and chief executive of AbbVie.
The US firm said its new 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 Gonzalez.
“The vie calls attention to the vital work the company will continue to advance to improve the lives of people around the world.”
White said: “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.”
The research-based pharmaceutical company has nearly $18 billion in annual revenue today and will have a sustainable portfolio of market-leading brands.
This includies its blockbuster auto-inflammatory Humira, which made $7.9 billion last year, and is expected to become the world’s biggest selling drug this year.
It also has a pipeline focused on a number of R&D areas, including hepatitis C, immunology, chronic kidney disease, women’s health, oncology and neuroscience.
Abbott said all of these products would help drive the future growth of the firm. The AbbVie logo will be unveiled when the new company is launched later this year.
Ben Adams
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