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Abbott to Separate Into Two Companies
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Abbott has announced that it will be separating into two publicly traded companies, one that will focus on diversified medical products and the other on research-based pharmaceuticals.
According to a press release issued by the manufacturer, the diversified medical products portfolio will include its branded generic pharmaceutical, devices, diagnostic and nutritional businesses, and will retain the Abbott name, while the research-based pharmaceutical company will include the company’s current portfolio of proprietary pharmaceuticals and biologics and will be named at a later date.
Abbott has also announced that Miles D. White, current chairman and CEO of the company, will continue in that role for the diversified medical products company, and Richard A. Gonzalez, the company’s executive vice president of global pharmaceuticals, will become chairman and CEO of the research-based pharmaceutical company.