AbbVie, Inc. history, profile and corporate video
AbbVie, Inc. is a research-based biopharmaceutical company. It engages in the discovery, development, manufacture and sale of a broad line of proprietary pharmaceutical products. The company’s products are used to treat rheumatoid arthritis, psoriasis, Crohn’s disease, HIV, cystic fibrosis complications, low testosterone, thyroid disease, Parkinson’s disease, ulcerative colitis, and complications associated with chronic kidney disease, among other indications. It also has a pipeline of new medicines, including various compounds or indications in Phase II or Phase III development across such medical specialties as immunology, renal care, hepatitis C, women’s health, oncology, and neuroscience, including multiple sclerosis and Alzheimer’s disease. The company was founded on April 10, 2012, and is headquartered in North Chicago, IL.”
On October 19, 2011, Abbott Laboratories announced that it planned to separate into two publicly traded companies, one focused on diversified medical products and the other on research-based pharmaceuticals. The medical products company retained the Abbott name, and the research-based pharmaceuticals company was named AbbVie. The separation was effective January 1, 2013, and AbbVie was officially listed on the New York Stock Exchange (ABBV) January 2, 2013.
AbbVie is led by Richard A. Gonzalez, a 30-year Abbott veteran who served previously as Executive Vice President of Pharmaceuticals. He also served as Abbott’s President and Chief Operating Officer, prior to a brief retirement in 2007. AbbVie features Humira, a medicine that has eclipsed $10 billion in global sales.
On June 20, 2014, Reuters reported that AbbVie had attempted to acquire Shire for $46.5 billion (£27.3 billion or £46.11 per share); however, this offer was rejected. On July 8, AbbVie raised this offer to $51.5 billion. On July 11, it emerged that Shire had begun negotiating with AbbVie. One aspect of the potential deal would allow AbbVie to move its tax domicile from Illinois to the United Kingdom, reducing the company’s liable tax rate from 22% to 13%. On July 14, Bloomberg reported that AbbVie would back a fifth offer, increasing it to $53.7 billion. On July 18, it was announced that AbbVie would acquire Shire for $54.8 billion. As part of the deal, AbbVie will acquire a series of rare-disease drugs, including Elaprase for Hunter syndrome and Replagal for Fabry disease.”
*Information from Forbes.com and Wikipedia.org
**Video published on YouTube by “AbbVie“