Abbott Bonds Fall After Drugmaker Plans Divide, Trace Data Show

Oct. 19 (Bloomberg) -- Bonds of Abbott Laboratories fell after the maker of infant formula, heart stents and prescription drugs said it will split into two companies.

Abbott’s $1 billion of 4.125 percent notes due in May 2020 dropped 1.5 cents to 108.8 cents on the dollar at 10:19 New York time, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The debt has decreased from 112.3 cents on Sept. 22, Trace data show.

The Abbott park, Illinois-based firm will divide into two publicly traded companies, with one focusing on generic drugs and medical devices and the other research-based medicines, it said today in a statement.

To contact the reporter on this story: Pierre Paulden in New York at ppaulden@bloomberg.net

To contact the editor responsible for this story: Pierre Paulden at ppaulden@bloomberg.net