Abbott, Millennium in $250mm obesity, diabetes research deal

Under terms of a five-year deal, Abbott Laboratories and Millennium Pharmaceuticals will jointly discover, develop, and sell drugs and molecular diagnostics to treat and manage obesity and diabetes, initially focusing on small molecules and potentially later on proteins, antibodies, and antisense products. Abbott agreed to buy $250mm in Millennium common stock, (uf)$50mm up front, and the remainder over the next two years. All stock purchases will be at market price, according to the contract filed with the SEC.