Worcester Site Part Of Abbott Split
Abbott Laboratories will spin off its research-based pharmaceuticals division into a separate business, a move that includes the company's bioresearch center in Worcester, the company said.
The spinoff will be known as AbbVie Inc., which will become an independent, publicly-traded company starting in January, according to a statement from Abbott, based in Abbott Park, Ill. AbbVie's stock will be traded on the New York Stock Exchange.
Abbott's announcement last week of the separation of the companies also said the firm declared a special dividend distribution for all outstanding shares of AbbVie stock. Abbott shareholders will receive a share of AbbVie stock for every share of Abbott stock they own as of Dec. 12. Distribution of the dividend is subject to approval of the U.S. Securities and Exchange Commission, Abbott said in its statement.
The Worcester facility, on Research Drive, employs about 700 and is among the city's top 15 employers. The manufacturer of pharmaceuticals and medical care products employs about 91,000 in more than 130 countries. Its annual revenue is roughly $39 billion.
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