Myriad, Abbott to collaborate on drug discovery

By Lisa Kerner

Erie, Pa., April 11 - Myriad Genetics, Inc. and Abbott Laboratories have entered into a broad drug-discovery collaboration to identify novel therapeutic targets using technology from both organizations, according to a news release. Financial terms of the agreement were not disclosed.

Under the five-year research agreement, Myriad will provide its genetics and RNA expression profiling expertise to identify human genes and regulatory networks associated with a variety of diseases.

Abbott will advance these genes through its chemical genomics platform to identify targets and leads for drug discovery, the release stated.

While both companies will have exclusive rights to the therapeutic targets and drug lead compounds, Myriad will receive 40% of the targets with associated lead compounds, and Abbott the remaining 60%.

"We are extremely pleased to be working with Abbott to discover the next generation of lead compounds to treat diseases with major unmet needs," Myriad president and chief executive officer Peter Meldrum said in the release.

Myriad is a Salt Lake City-based biopharmaceutical company focused on the development and marketing of novel health care products.

Abbott discovers, develops, manufactures and markets pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company is located in Abbott Park, Ill.

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