Back in January with restructuring 1900 jobs were eliminated and again this is a profitable company. The drug division had their issues with Meridia being pulled by the FDA and the recalls of the tons of glucose strips so maybe by having 2 companies they can focus better?
Abbott Labs Cutting 1900 Jobs As Restructuring the The Drug Division Takes Place
In addition one glucose monitor was discontinued, so again looking at what perhaps is profitable and where work is needed in both areas, this could be a good thing and it wouldn’t surprise me to see a biotech incubator come along here as well to help the small biotech companies, others such as J and J are already setting up for that as well. BD
Abbott Labs to Discontinue Distributing FreeStyle Navigator Glucose Monitor in the US
Abbott Laboratories said on Wednesday that it would separate next year into two publicly traded companies, one focused on diagnostics and medical devices like heart stents and the other on what it called “research-based pharmaceuticals,” like Humira, its blockbuster rheumatoid arthritis drug.
After the split occurs, by the end of 2012, the medical device company is expected to have about $22 billion in annual sales, and Miles D. White, the current chairman and chief executive, will head up this company. It will retain the Abbott name. The pharmaceuticals company, which has yet to be named, will initially have about $18 billion in annual sales, and will be led by Richard A. Gonzalez, a longtime Abbott official.
Abbott also announced Wednesday it was recording a $1.5 billion charge to cover a potential settlement stemming from a previously disclosed government investigation of accusations that it promoted its Depakote antiseizure drug for unauthorized uses.
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