NEW YORK, March 12 – Abbott Laboratories and Millennium Pharmaceuticals said Monday that they agreed to enter a five-year, $250 million strategic alliance to jointly discover and develop obesity and diabetes drugs.

Under the terms of the agreement, Abbott of Abbott Park, Ill., said it would purchase $250 million worth of Millennium’s common stock. Abbott will acquire $50 million at the closing of the deal and the remaining $200 million over the next two years. 

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