Abbott research business spin off steers clear of Pill Hill operations

A corporate shuffle at global drug maker Abbott will not impact the company’s Mississauga diabetes and diagnostic tests division.

Abbott has spun off its research-based business AbbVie, which will trade as a separate company on the New York Stock Exchange.

About 14 months ago, the Chicago-area drug giant first announced the creation of Abbvie, a company researching and developing drugs to treat immunology and virology disorders.

In Canada, Abbott is a key member of the Pill Hill cluster of drug companies that are a fat-growing part of the Mississauga economy.

Though Abbott Canada is based in Montreal, its Millcreek Dr. plant in northwestern Mississauga makes glucose meters and other diabetes care products, develops tests as well as molecular and point of care products.

Spokesperson Hind Ounis told YourMississaugaBiz.com the split would not affect any of the drug company’s Mississauga workforce or operations.

Abbott has 1,500 employees in Canada, including offices in Mississauga, Montreal, Markham, Brockville, Ottawa, Victoriaville and Edmonton.

The 125-year-old U.S. parent company generated US$22 billion in revenues last year and employs approximately 70,000 people worldwide.

Advertisements