Abbott Labs Share News

BANGALORE -(Dow Jones)- U.S. drug maker Abbott Laboratories (ABT) has tied up with a unit of Indian biotechnology company Biocon Ltd. (532523.BY) to set up a research and development center for nutrition products. Abbott will set up the center in India in collaboration with Biocon's contract research unit, Syngene. More than 50 researchers and scientists will be based at the center, which is expected to open in June, the companies said in a joint statement Thursday. Syngene currently has a research tie-up with Bristol-Myers Squibb Co., under which it provides research and development services for the company's discovery and early drug development processes. -By Rumman Ahmed, Dow Jones Newswires; 91-9845104173; rumman.ahmed@dowjones.com