Abbott signs licensing deal with Zydus, forms unit

NEW YORK (AP) - Drug and medical device maker Abbott Laboratories says it will license at least 24 products in emerging markets through a new unit that it hopes will expand sales outside of the U.S.

The company, based in North Chicago, Ill., said Tuesday it is licensing the products from Zydus Cadila, based in India, and will sell them in 15 emerging markets. As part of the expansion, Abbott is formally creating a separate unit to boost sales in those emerging markets. The company says it already has $5 billion in affiliated sales.

Terms of the deal with Zydus Cadila haven't been undisclosed, but includes an option to license an additional 40 products. The product launches are planned for early 2012.