Drug and medical device maker Abbott Laboratories says its pharmaceutical business will take the new name AbbVie, after it is spun off into a separate company later this year.
The announcement is the latest step in a plan announced in October to separate Abbott into two separate companies with more distinct identities. AbbVie (Abb-vee) will focus solely on branded drugs, including the blockbuster anti-inflammatory drug Humira. Abbott will continue on as a company built around nutritional formula, generic drugs and medical devices.
Abbott said the new company's name comes from a combination of Abbott and "vie," a reference to the Latin word for "life."
AbbVie will have annual revenue of nearly $18 billion, according to Abbott. The company's remaining business totals about $22 billion in annual revenue.