Abbott to Spin Off Name-Brand Pharma Business
Medical products giant Abbott Laboratories, the region's second-largest publicly traded company, is splitting in two -- spinning off its branded drug business from its more diversified medical products company, the company announced this morning. In a historic shift for the 123-year-old company, the spinoff will place the companys blockbuster anti-inflammatory drug, Humira, in as-yet-unnamed pharmaceutical company, along with other proprietary medicines, including cholesterol drug Niaspan.