U.S. Markets closed

Abbott Labs says AbbVie places $14.7B in debt

NEW YORK (AP) -- Abbott Laboratories Inc. said Tuesday its branded drug business priced a $14.7 billion private placement of debt.

The company said AbbVie sold $3.5 billion in senior notes due in 2015, $4 billion due in 2017, $1 billion due in 2018, $3.1 billion due in 2022, $2.6 billion due in 2042, and $500 million in floating rate senior notes due in 2015. The placement is expected to close on Thursday.

By the end of 2012 AbbVie will become a separate publicly-traded company focusing on branded pharmaceuticals like its anti-inflammatory drug Humira. Abbott Laboratories will have a more predictable business built around nutritional formula, generic drugs and heart stents.

Shares of North Chicago, Ill.-based Abbott rose 10 cents to $65.14 in afternoon trading.