Abbott Labs, NeuroSearch Form Drug Discovery/ Development Alliance

<%=company1%> (Abbott Park, IL) and NeuroSearch (Ballerup, Denmark) have reached an agreement to jointly discover, develop, and commercialize novel compounds for the treatment of central and peripheral nervous system disorders. Under terms of the agreement, Abbott receives exclusive worldwide sales rights to compounds discovered collaboratively by the two companies.

Abbott will finance all research and development conducted by both companies, and will pay up to a total of $17 million to NeuroSearch in milestone payments for each successfully developed compound. NeuroSearch will also receive royalties on sales of compounds resulting from the collaboration.

According to Jorgen Buus Lassen, president and CEO of NeuroSearch, the collaboration will combine NeuroSearch's drug discovery platform on a specific family of ion channels with Abbott's neuroscience drug discovery, research, and development expertise. "Abbott has a strong research program in central nervous systems, and the collaboration between the two research groups provides a critical mass to advance research in this area," Lassen said.

NeuroSearch is a Danish neuropharmaceutical company dedicated to the research and development of new drugs for disorders of the central nervous system.

Abbott Laboratories is a healthcare company devoted to the discovery, development, manufacture, and marketing of pharmaceutical, diagnostic, nutritional, and hospital products.

For more information: Dan Norbeck, Vice President, Pharmaceutical Discovery, Abbott Laboratories, 100 Abbott Park Rd., Abbott Park, IL 60064-6400. Tel: 847-937-6100. Fax: 847-937-1511.

Edited by Jim Pomager