Abbott Laboratories has completed the planned spin-off of its branded drugs business, which began trading on the New York Stock Exchange yesterday 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 the 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.

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