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Abbott spinoff begins trading

AbbVie (ABBV), Abbott Laboratories' drug-development business, began trading on the NYSE. AbbVie took Abbott's biggest revenue draw, immunology drug Humira, which accounts for more than 40% of AbbVie's sales. AbbVie was spun off with a distribution rather than an IPO, so it did not start with a fixed price, but opened at 34.40.