Abbott Labs' AbbVie bond deal hit $37 billion yesterday, sources report
US health care major Abbott Laboratories (NYSE: ABT) and its subsidiary AbbVie came to market early Monday with a multibillion-dollar, four-part bond deal and orders for the deal hit $37 billion late morning New York time, according to two investors who spoke with bankers working on the transaction reported by Dow Jones. That could mean the bond offering, which was expected to be sized at more than $10 billion, will be significantly larger.
Last year, Abbott announced plans to spin out its research-based prescription medicines business into a stand-alone new company, later saying it will be called AbbVie and to be headed by Richard Gonzalez, currently executive vice president, Global Pharmaceuticals at Abbott, as chairman and chief executive (The Pharma Letter March 22).
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