NORTH CHICAGO, Ill. (AP) — Drug and medical device maker Abbott Laboratories says it will spin off its branded drug business and become two separate medical companies.

The new spinoff will exclusively sell Abbott's branded pharmaceuticals, including the blockbuster immune drug Humira. The new business will be led by Abbott's Richard Gonzalez. He now heads the company's pharmaceutical business.

Abbott CEO Miles White will continue to lead the rest of the diversified medical products company. It markets medical implants, diagnostic tests and baby formula.

The company said the split would allow investors to value the companies on their distinct characteristics.

The North Chicago-based company posted a third quarter profit of $1.18 per share, a penny ahead of estimates as polled by FactSet