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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.
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