Abbvie Sells $14.7B in Debt
Abbott Laboratories Inc. said its branded drug business priced a $14.7 billion private placement of debt.
The company said AbbVie sold $3.5 billion in senior notes due in 2015, $4 billion due in 2017, $1 billion due in 2018, $3.1 billion due in 2022, $2.6 billion due in 2042, and $500 million in floating rate senior notes due in 2015. The placement is expected to close on November 8.
By the end of 2012, AbbVie will become a separate publicly-traded company focusing on branded pharmaceuticals like its anti-inflammatory drug Humira. Abbott Laboratories will have a more predictable business built around nutritional formula, generic drugs, and heart stents.
Date: November 6, 2012
Source: Associated Press