29 Facts About Abbott Laboratories


Abbott Laboratories is an American multinational medical devices and health care company with headquarters in Abbott Park, Illinois, United States.

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Abbott Laboratories was founded by Chicago physician Wallace Calvin Abbott in 1888 to formulate known drugs; today, it sells medical devices, diagnostics, branded generic medicines and nutritional products.

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Abbott Laboratories name was changed to The Boots Company Ltd on November 1,1971, and to Boots Pharmaceuticals Ltd on January 1,1991.

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In 1962 Abbott Laboratories entered into a joint venture with Dainippon Pharmaceutical Co.

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In 2006, Abbott Laboratories assisted Boston Scientific in its purchase of Guidant Corporation purchasing the vascular device division of Guidant.

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However, on 11 July 2007, Abbott Laboratories announced that it had terminated its agreement with GE because the parties could not agree on the terms of the deal.

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

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In 2009, Abbott Laboratories opened a satellite research and development facility at Research Park, University of Illinois at Urbana-Champaign.

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Under the terms of the deal, Abbott Laboratories acquired the company for $14 per share in an all-cash transaction valued at $123 million.

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In 2004, Abbott Laboratories spun off its hospital products division into a new 14,000 employee company, Hospira.

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In October 2011, Abbott Laboratories planned to separate into two companies, one for research-based pharmaceuticals and the other for medical devices, generic drugs sold internationally, and diagnostics, with the latter retaining the Abbott Laboratories name.

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On 16 May 2014, it was announced that Abbott would acquire the holding company Kalo Pharma Internacional S L for $2.

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Abbott Laboratories obtained CE Mark for the device which now makes it possible to implant it in Europe outside of a clinical setting.

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In November 2018, Abbott Laboratories 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.

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

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In March 2020, Abbott Laboratories received emergency use authorization from the FDA for a Severe acute respiratory syndrome coronavirus 2 test to help mitigate the COVID-19 pandemic.

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In October 2020, Abbott Laboratories received EUA from the FDA for its lab-based COVID-19 IgM antibody blood test.

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The article reported that the COVID-19 tests produced by Abbott Laboratories have been key for detecting the complex virus and getting patients treatment if they need it.

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On 19 March 2019, it was reported that Abbott Laboratories was a long-term user of the Double Irish tax structure, a legal but controversial Irish taxation tool used by US multinationals to reduce US corporate taxes on non-USprofits.

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In September 2021, the Irish Times reported that Abbott Laboratories was using the Single Malt tax tool to shield profits on its COVID-19 testing kits.

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Abbott Laboratories joined the firm in 1984, serving in management positions including senior vice president of diagnostic operations, executive vice president, and long-time CEO.

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Abbott Laboratories was elected to the board of directors in April 1998, to chief executive officer in 1998, and to chairman of the board in April 1999.

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Abbott Laboratories was ranked 89th on the Fortune 500 list of largest US-based corporations in 2021.

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Abbott Laboratories has been recognized as a top company by DiversityInc for diversity within the company for 18 consecutive years and has been included on the Dow Jones Sustainability Index for eight consecutive years.

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Abbott Laboratories was required to pay CAT US$255 million, some of which was to be passed to its partners in development.

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Abbott Laboratories was accused of charging Medicare for glucose monitors given to ineligible patients, including patients who were dead.

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In October 2001, the US Department of Justice, states attorneys general, and TAP Pharmaceutical Products, a subsidiary of Abbott Laboratories, settled criminal and civil charges against TAP related to federal and state medicare fraud and illegal marketing of the drug leuprorelin.

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In February 2022, Abbott Laboratories recalled baby formulas from the market and shutdown their Michigan plant.

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Since 2015, Abbott Laboratories has been the title sponsor of the World Marathon Majors.

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