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Abbott Laboratories

A global healthcare leader

Summary

Abbott is engaged in pharmaceuticals and manufacturing healthcare products. It developed the first HIV blood-screening test. Its product portfolio includes Norvir, a treatment for HIV; Synthroid, a synthetic thyroid hormone; Depakote, an anticonvulsant drug; and Humira, a drug for rheumatoid arthritis, psoriatic arthritis, ankylosing spondylitis, and more.

 

History

In 2001, the company acquired Knoll, the pharmaceutical division of BASF. In 2002, it divested the Selsun Blue brand to Chattem. Later in 2002, the company sold Clear Eyes and Murine to Prestige Brands. In 2004, the company acquired TheraSense, a diabetes-care company, which it merged with its MediSense division to become Abbott Diabetes Care. In 2006, Abbott assisted Boston Scientific in its purchase of Guidant Corporation. As part of the agreement, Abbott purchased the vascular device division of Guidant.

In 2007, Abbott acquired Kos Pharmaceuticals for $3.7 billion in cash. At the time of acquisition, Kos marketed Niaspan, which raises levels of “good”, or HDL, cholesterol and Advicor, a Niaspan combination drug for patients with multiple lipid disorders.

In January 2007, the company agreed to sell its in vitro diagnostics and Point-of-Care diagnostics divisions to General Electric for more than $8 billion. These units were slated to be integrated into the GE Healthcare business unit. The transaction was approved by the boards of directors of Abbott and GE and was targeted to close in the first half of 2007. However, on 11 July 2007, Abbott announced that it had terminated its agreement with GE because the parties could not agree on the terms of the deal.

On 8 September 2007, the company completed the sale of the UK manufacturing plant at Queenborough to Aesica Pharmaceuticals, a private equity-owned UK manufacturer.

In November 2007, Abbott announced that Ross Products would be renamed Abbott Nutrition.

On 26 February 2009, the company completed its acquisition of Advanced Medical Optics based in Santa Ana, California. Abbott sold this business to Johnson & Johnson in February 2017.[17] In 2009, Abbott opened a satellite research and development facility at Research Park, University of Illinois at Urbana-Champaign.

In February 2010, Abbott completed its $6.2 billion (EUR 4.5 billion) acquisition of the pharmaceuticals unit of Solvay S.A.This provided Abbott with a large and complementary portfolio of pharmaceutical products and also expanded its presence in key emerging markets.

On 22 March 2010, the company completed its acquisition of a Hollywood, Florida-based LIMS company STARLIMS. Under the terms of the deal, Abbott Laboratories acquired the company for $14 per share in an all-cash transaction valued at $123 million. On 21 May 2010, Abbott Laboratories said it would buy Piramal Healthcare Ltd.’s Healthcare Solutions unit for $2.2. billion to become the biggest drug company in India.

Further developments are as follow. In February 2016, the company announced it would acquire Alere for $5.8 billion. In January 2017, Abbott announced it would acquire St. Jude Medical for $25 billion (each share receiving $46.75 in cash & 0.8708 shares of Abbott common stock, equating to an approximate value of $85). On 3 October 2017, the company closed the Alere acquisition making the surviving entity the market leader player in the $7 billion point-of-care diagnostic space within the broader $50 billion in-vitro diagnostics market with this takeover. With the acquisition of Alere, the company also obtained the subsidiary Arriva Medical, which is the largest mail-order diabetic supplier. Arriva Medical announced business closure after Abbott acquisition effective 31 December 2017.

In November 2018, Abbott became the first medical device company to introduce a smartphone app glucose reader in the United States when it received FDA clearance to launch FreeStyle LibreLink.

In January 2019, Abbott exercised its option to purchase Cephea Valve Technologies, Inc. who are developing a less-invasive replacement heart valve for people with mitral valve disease.

COVID-19 Pandemic

In March 2020, Abbott received emergency use authorization (EUA) from the FDA for a 2019-nCoV test to help mitigate the COVID-19 pandemic. Abbott’s point-of-care test is regarded as a valuable development due to its small size, which is comparable to a small toaster, and rapid results – 5-minute positive, 13-minute negative. Detroit became the first city to receive these tests on April 1, 2020.

Vision

Vision Statement: “At Abbott, we’re all about helping you live the best life you can through good health. We keep your heart healthy, nourish your body at every stage of life, help you see clearly, and bring you information and medicines to manage your health.”

Mission

 

Mission Statement:
At Abbott, we’re committed to helping you live your best possible life through the power of health. For more than 125 years, we’ve brought new products and technologies to the world — in nutrition, diagnostics, medical devices and branded generic pharmaceuticals — that create more possibilities for more people at all stages of life. Today, 74,000 of us are working to help people live not just longer, but better, in the more than 150 countries we serve.

Team

CEO – Robert E. Ford: Robert B. Ford is an American businessman. On 31 March 2020, he became the chief executive officer of Abbott Laboratories, a publicly-traded medical devices and health care company based in Abbott Park, Illinois. Ford is Abbott’s thirteenth CEO and was elected unanimously by the company’s board. He stated that the sale of medical devices such as FreeStyle Libre and diagnostics would be prioritized while CEO as well as developing technology to monitor consumer health through smartphones and other connected devices.

References

https://en.wikipedia.org/wiki/Robert_B._Ford

https://www.linkedin.com/company/abbott

https://www.comparably.com/companies/abbott/mission

https://www.comparably.com/companies/abbott/mission

https://www.lifetothefullest.abbott/en/index.html

https://www.crunchbase.com/organization/abbott