Abbott spins off new drug company

AbbVie executives ring opening bell of 2013

NEW YORK — Abbott Labs has spun off its specialty drug division into a new company called AbbVie, which the new company's leaders heralded Wednesday by ringing the first opening bell of 2013 at the New York Stock Exchange.

AbbVie's product portfolio includes drugs like the autoimmune drug Humira (adalimumab), the testosterone-replacement drug AndroGel, the prostate cancer drug Lupron (leuprolide acetate), the lung infection drug Synagis (palivizumab) and others. The company's pipeline includes more than 20 mid- to late-stage clinical programs in areas like hepatitis C, rheumatoid arthritis, psoriasis, multiple sclerosis, Alzheimer's disease, Parkinson's disease, spondyloarthropathies, multiple myeloma and endometriosis.

"Today, AbbVie launches with an outstanding portfolio, a solid pipeline and enthusiastic people who will serve patients and deliver growth," AbbVie CEO and chairman Richard Gonzalez said. "With those assets and a relentless focus on innovation, we intend to create significant value for our shareholders."

The company, headquartered in North Chicago, Ill., will include 21,000 employees around the world — including Gonzalez, EVP business development, external affairs and general counsel Laura Schumacher, and EVP and CFO William Chase.

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