One of Ireland's largest multinational employers, Abbott, has separated into two independent companies, Abbott and AbbVie.
AbbVie will employ just under 400 people and will have manufacturing plants in Cork and Sligo, as well as commercial offices in Dublin.
The new pharmaceutical firm said it would be developing therapies to "address some of the world's most complex diseases".
Abbott, which has been operating in Ireland since 1946, will retain 11 facilities across the country.
In October of last year, Abbott announced that it would be seeking 180 redundancies at its Ballytivnan plant in Sligo following the streamlining of its global nutrition business.