It is too late for jokes. Health care company Abbott Laboratories to spin-off AbbVie business.
All the way back in October 2011, Abbott Labs announced a plan to split into two companies:
- Abbott, a medical devices, nutrition, diagnostics and generic pharma company; and
- AbbVie, a research-based pharma company.
Abbott shareholders will receive AbbVie shares in a dividend. The record date has not been set, but Abbott claims they are on track to separate, or “operate as two leading health care companies,” on January 1, 2013. Whether “operate as two . . . companies” means “consummate the spin-off” remains to be seen. We’ll keep our eye on the new year.