Steve Grzanich has the business news of the day with the Wintrust Business Minute.

A public-private initiative to attract businesses to Illinois has been renamed but its mission will remain the same. Intersect Illinois will now be called the Illinois Economic Development Corp. The initiative was launched 10 years ago as a way to partially privatize the state’s economic development activities. Its leaders say the rebranding is meant to make the organization’s identity simpler and to help it stand out. Its chairman says Illinois EDC’s mission remains the same, to make the state a premier destination for business and innovation.

Also, North Chicago-based AbbVie is buying a psychedelic drug from Gilgamesh Pharmaceuticals for $1.2 billion. Listen for more below: