AbbVie splits from Abbott
pharmafile | January 7, 2013 | News story | Sales and Marketing | AbbVie, Abbott, HIV, Humira
AbbVie, the new $18 billion biopharma company which includes many of Abbott’s most high profile products, has finally launched.
Abbott announced more than a year ago that it was to split into two publicly-traded companies, with AbbVie focusing on research-based pharma.
The Abbott name continues in a different form from before, focused on diversified medical products: AbbVie, meanwhile, will market brands such as anti-HIV treatment Kaletra and prostate cancer drug Lupron.
“With those assets and a relentless focus on innovation we intend to create significant value for our shareholders,” said AbbVie chief executive Richard Gonzalez.
According to a prospectus issued last year, the group’s total revenues in 2011 were $38.9 billion, with over $21 billion coming from the branded generic pharma division, devices, diagnostics and nutritionals businesses that are now under the Abbott name.
Rheumatoid arthritis drug Humira has eight indications in Europe and seven in the US and has been a key driver for Abbott’s – and now AbbVie’s – growth.
AbbVie’s contract manufacturing business is to sign at least one manufacturing and supply agreement with Abbott – but the real trick for AbbVie will be to find new drugs which can help it continue growing once Humira’s US patent expires in December 2016.
Based in North Chicago, the company has a number of mid- to late-stage clinical programmes and says it has tripled the number of new molecular entities in its pipeline over the last few years.
Its interests are broad, with trials currently ongoing in areas such as immunology, nephrology, oncology, neuroscience, pain and infectious disease.
One of AbbVie’s most promising late-stage drugs is bardoxolone, a treatment for chronic kidney disease. Currently in Phase III, bardoxolone has the potential to slow the progression of patients towards needing dialysis and could be on the market by next year, co-marketed with the company which discovered it, Reata.
“We intend AbbVie’s enduring legacy to be one of finding treatments for conditions thought untreatable and solving problems others thought unsolvable,” said Gonzalez.
AbbVie employs 21,000 people worldwide. In the UK, it has 400 staff led by general manager Matt Regan, and a head office in Maidenhead.
Adam Hill
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