TEL AVIV, Israel, June 29, 2011 /PRNewswire/ --

Abbott (NYSE: ABT) and Yeda Research and Development Company Ltd., the commercial arm of the Weizmann Institute of Science (WIS), have signed a three-year agreement in which Abbott will fund research programs at the Weizmann Institute of Science in selected health care fields.

The collaboration will explore scientific opportunities in pharmaceutical discovery, biomarker identification for targeted drug therapies, and advances in diagnostics technologies.

"The Weizmann Institute and Abbott combined have dedicated nearly 200 years to improving lives through innovations in science and technology, and this collaboration is intended to further advance our shared goal," said Edward L. Michael, executive vice president, diagnostics products, Abbott.

Yeda is actively seeking commercial partners to bring technologies of the Weizmann Institute of Science to the marketplace, according to Dr. Ruth Ben Yakar, chief business officer of Yeda.  Such partnerships have already yielded dozens of products currently on the market.

"Appreciating the synergism that can rise from strategic collaborations between WIS scientists and global science-based companies such as Abbott, we welcome Abbott to join forces and promote the development of novel pharmaceuticals and advanced diagnostic tools," Dr. Ben Yakar said.

About Yeda Research and Development Company Ltd.

Yeda Research and Development Company Ltd., established in 1959, is the commercial arm of the WIS. Yeda initiates and promotes the transfer to the global marketplace of research findings and innovative technologies developed by WIS scientists. Yeda owns the largest portfolio of patents in Israel with 600 live patent families and over 1,500 patent families filed since 1971. Yeda has signed approximately 200 agreements with companies on the use of various WIS patents and established nearly 50 companies.

About the Weizmann Institute of Science

The Weizmann Institute of Science in Rehovot, Israel, is one of the world's top-ranking multidisciplinary research institutions. Noted for its wide-ranging exploration of the natural and exact sciences, the Institute is home to 2,700 scientists, students, technicians and supporting staff. Institute research efforts include the search for new ways of fighting disease and hunger, examining leading questions in mathematics and computer science, probing the physics of matter and the universe, creating novel materials and developing new strategies for protecting the environment.

About Abbott

Abbott is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics.  The company employs nearly 90,000 people and markets its products in more than 130 countries.

Abbott's news releases and other information are available on the company's Web site at http://www.abbott.com.

SOURCE Abbott