Abbott Laboratories today completed the planned spinoff of its branded drugs business which began trading on the New York Stock Exchange as AbbVie.

The healthcare and medical devices group, which has extensive operations in Ireland, said its plant in Cork,  its pharmaceutical facility in Sligo and a commercial office in Dublin, which together employ nearly 400 staff, had been transferred to new entity.

The original company, which employs 3,200 staff here, will continue to trade as Abbott, focusing on the medical devices, generic medicines and nutritional drinks side of the business.

"Abbott has taken the most transformative action in its 125-year history," said chief executive Miles White.

"We have had enduring success precisely because of what we're doing now – reinventing ourselves for changing times and creating new ways to serve the millions of patients, customers, communities and shareholders who depend on us."

AbbVie currently employs over 175 people in Sligo, more than 130 in Cork with the remaining workforce based in Dublin.

Last year, the company announced plans for an €85 million extension to the Sligo plant which will see the creation of an additional 175 jobs over the next two years, doubling the current workforce at the plant.

General manager of AbbVie Ireland, Ryan Quigley, said: "AbbVie is a new type of company, a biopharmaceutical company. We are built on a 125-year heritage of research and innovation, with a renewed focus on meeting the needs of patients. AbbVie is committed to finding new treatments that address some of the world’s most serious health issues.”