Abbott Laboratories Releases Details About Spinoff Company in SEC Filing

According to the Chicago Tribune, North Chicago-based Abbott Laboratories has released more details about the publicly traded spinoff company, AbbVie Inc., which it intends to create later this year. In its initial filing with the Securities and Exchange Commission, Abbott announced that several of its existing company officials will take over the top positions at AbbVie, which will encompass Abbott’s pharmaceutical business, along with a strong focus on research. Aside from the current chief of Abbott’s pharmaceutical division, Richard Gonzalez, AbbVie will boast a number of high-level Abbott executives, including its vice president of licensing and acquisitions, its general counsel, and various senior vice presidents of different Abbott divisions.Abbott Laboratories Releases Details About Spinoff Company in SEC Filing

Abbott’s SEC filing also revealed that it will pay investors an unspecified dividend, and that investors will receive a tax-free distribution of AbbVie shares once the company spinoff is complete. The success – and $3.4 billion annual profits – of Abbott’s pharmaceutical division is expected to continue through the establishment of AbbVie.

As you can see from the initial steps that Abbott has taken to create its publicly traded spinoff company, AbbVie, the process of establishing such a company can be complex. In order to comply with all federal and state laws and regulations necessary to create a publicly traded company, including SEC regulations, you will need the advice and counsel of an experienced Naperville, Illinois business attorney. Otherwise, you risk running afoul of the law, and may experience delays and difficulties in achieving your goal of establishing a spinoff of your existing company.