As it prepares to complete the split of the company, Abbott Laboratories has completed a huge debt issue ahead of the creation of the AbbVie pharmaceuticals business.
Abbott has raised $14.70 billion in a six-part bond sale and the portions include $4.00 billion of 1.75% senior notes due 2017 and $3.10 billion of 2.9%, 10-year notes. Proceeds of the sale will be used to make "a cash distribution" to Abbott, the company noted, as provided by the terms of the separation agreement, pay related fees and expenses, and for general corporate purposes.
AbbVie's chief asset will be the blockbuster Humira (adalimumab), which is approved for indications covering rheumatoid arthritis, Crohn’s disease and psoriasis and other treatments will include the prostate cancer therapy Lupron (leuprolide), the HIV drug Kaletra (lopinavir/ritonavir) and the hypothyroid medication Synthroid (levothyroxine). The remainder of the company, which will retain the Abbott name, will contain its diagnostics, devices, nutrition and branded generics businesses.