Abbott's board approved the spinout of its branded pharmaceuticals division as AbbVie, planning to issue 1 AbbVie share for each ABT share.
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.
"After the distribution, AbbVie will be an independent, publicly-traded company and Abbott will retain no ownership interest. AbbVie common stock is expected to begin trading on Jan. 2, 2013, on the New York Stock Exchange under the ticker symbol ABBV. Abbott will continue to trade on the NYSE under the ticker symbol ABT," according to the release.