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Chief Scientist signs R&D deal with Abbott

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Wednesday, September 8th, 2010

As reported by IVC: The Chief Scientist will help Abbott find Israeli drug development technologies.

The Office of the Chief Scientist has signed an R&D cooperation deal with US pharmaceutical and medical devices company Abbott Laboratories Inc. (NYSE: ABT). Abbott is the 19th foreign company that has signed an R&D cooperation deal with Israel.
The Chief Scientist will help Abbott find Israeli technologies that meet its needs, and will provide R&D incentives and financial support. Abbot will match the Chief Scientist’s support for the Israeli ventures, or will provide equipment, technological and regulatory advice, and marketing assistance.

Other companies with R&D cooperation deals include Microsoft Corporation (Nasdaq: MSFT), Intel Corporation (Nasdaq: INTC), General Electric Company (NYSE: GE), and Coca-Cola Company (NYSE: KO). The Ministry of Industry, Trade and Labor said that the agreement with Abbott was similar to other R&D cooperation deals. The ministry said that these agreements benefit the foreign corporations while helping the Israeli companies reach foreign markets.

Opper said, “This program has become an alternative for many corporations in recent years to make joint ventures with innovative Israeli companies.”

Abbott has been operating in Israel for six years, and has more than 100 employees in the country. The company also markets 35 drugs in Israel.