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Abbott Laboratories’ (NYSE: ABT) board of directors has voted in favor of a planned spinoff of its pharmaceuticals business, the company said Thursday.

As of Jan. 1, 2013, the new drug division, called AbbVie, will begin trading on its own with the ticker symbol (Nasdaq: ABBV). The remainder of the company, including medical devices, diagnostics and nutritional products, will remain under the ABT ticker.

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