Abbott Laboratories and Syngene Research, a unit of Biocon are collaborating to set up a research and development center for nutrition products."The Abbott Nutrition R&D Centre in India will focus on the development of science-based, affordable nutrition products for the country and enable the expansion of Abbott's nutrition product portfolio there," the company said in a statement.
More than 50 researchers and scientists will be based at the R&D centre at Biocon Park in Bangalore, which is expected to open in June, it said.
Abbott said the new R&D center will focus on the development of nutrition products for maternal and child nutrition and diabetes care.
"India is a priority market for investment, growth and innovation," said Robert Miller, Divisional Vice President, Global R&D and Scientific Affairs for Abbott Nutrition.
"With malnutrition and common chronic diseases at their highest in this region, Abbott and Syngene have a common vision and commitment to support the development of a healthier India," Kiran Mazumdar-Shaw, Founder, Chairman and Managing Director, Biocon Group said.
Abbott India shares were seen trading at Rs 1,610, up 0.06% on the BSE, while the shares of Biocon were trading lower by 0.11% at Rs 237.40 at 11.10 am IST.