UPDATE 1-Abbott inks licensing deal with India's Zydus Cadila

* Abbott gets right to at least 24 Zydus products

* Abbott to commercialize products in 15 emerging markets

May 11 (Reuters) - Abbott Laboratories Inc ABT.N said it entered into a licensing agreement to commercialize products of India's Zydus Cadila in 15 emerging markets, in a bid to accelerate Abbott's growth in emerging markets.

Abbott's deal follows GlaxoSmithKline's GSK.L agreement to buy a stake in South Korea's Dong-A Pharmaceuticals 000640.KS. [ID:nLDE64A091]

Under the deal, Abbott will gain rights to at least 24 Zydus products in 15 key emerging markets where Abbott has a strong and growing presence, the company said.

The deal also includes an option to add more than 40 Zydus products to the collaboration, Abbott said.

The collaboration includes medicines for pain, cancer and cardiovascular, neurological and respiratory diseases.

Abbott said the financial terms of the agreement were not disclosed.

Shares of Abbott were down 23 cents at $49.46 Tuesday afternoon on the New York Stock Exchange. (Reporting by Anand Basu in Bangalore; Editing by Roshni Menon)