Under terms of the agreement, Abbott will develop a test based on its proprietary FISH technology, intended to identify deletions of the TP53 gene in cancer patients. The Abbott FISH assay will be evaluated in clinical trials to help identify patients more likely to respond favorably to Merck's investigational cancer therapy.

"Our goal through this collaboration, and others like it, is to ensure that the right medicine gets to the right patient," said Stafford O'Kelly, head of Abbott's molecular diagnostics business. "As one of the early pioneers in companion diagnostics, we believe that linking genetic testing with drug development at the earliest stages can increase the effectiveness and predictability of medicines and help physicians make more informed treatment decisions."

Abbott's portfolio of companion diagnostic tests includes the PathVysion® HER-2 DNA Probe Kit, which represents one of the first examples of innovations in the field of personalized medicine. The test is approved for use in selecting breast cancer patients for whom Herceptin® (trastuzumab) therapy is being considered. In addition, Abbott's Vysis ALK Break Apart FISH Probe kit was approved in 2011 for use in identifying non-small cell lung cancer patients for XALKORI® (crizotinib) treatment. Abbott has personalized medicine collaborations in place with a number of pharmaceutical companies, including Pfizer and GlaxoSmithKline.

About FISH

FISH technology has a variety of uses. It can identify whether too many, or too few, copies of a particular gene are present in the body's cells or whether certain genes have rearrangements that play an active role in disease progression. Cancer diagnostics is one of the fastest growing applications.

About Abbott Molecular

Abbott Molecular is a leader in molecular diagnostics — the analysis of DNA and RNA at the molecular level. Abbott Molecular's tests can also detect subtle but key changes in patients' genes and chromosomes and have the potential for earlier detection or diagnosis, provide information relevant to the selection of appropriate therapies, and may improve monitoring of disease progression.

About Abbott

Abbott (NYSE: ABT) 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 approximately 91,000 people and markets its products in more than 130 countries.