Abbott, Celera in cancer pact

Abbott Laboratories and Celera Genomics have formed a cancer drug collaboration. The venture will develop antibodies and small molecules against overexpressed cell-surface proteins that Celera has validated as therapeutic targets using proteomics research. Abbott will screen and further research the proteins, and Celera will receive payments from Abbott if certain milestones are reached. The two firms may elect to jointly fund development and commercialization of resulting drug candidates. If either firm elects not to develop a product, the deal will revert to a milestone-and-royalty structure.