once the company breaks up into 2?
Didn't know whether you were talking about market traded options (puts and calls) or Abbott issued options. Abbott issued options will probably be split similar to what happened when HSP was spin off.
you now have two options, medical, and pharmaceutical. Choose medical.
options will be split when exercised by same ratio has stock
Unless your options are very long dated (second half of 2012) it shouldn't even be an issue. The press release said the split should be done by "the end of next year".