AbbVie Issues Record Debt To Support Independence
This article was originally published in The Pink Sheet Daily
The future Abbott spin-off tapped the bond market for financing just days after Hurricane Sandy brought trading to a halt and hours before the U.S. faced a leadership decision.
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Abbott’s proprietary pharmaceutical business will officially begin business as a separate entity called AbbVie Jan. 1, but a key pipeline opportunity – bardoxolone – is in doubt after a Phase III trial was terminated due to safety.
The proprietary pharmaceuticals business – slated to break off from Abbott on Jan. 1, 2013 – will generate sales of around $18 billion, have a cash balance of $7 billion and an annual R&D spend of around 14% of sales, about $2.52 billion in 2013.