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.

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.

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

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

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.

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

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

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

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

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.

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

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

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.

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.

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.

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

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.

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.

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.

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.

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.

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

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.

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.

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.

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

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