Hybridoma technology involves fusing B lymphocytes that produce antibodies with myeloma tumor cells to form hybridoma cells. These hybridoma cells can divide indefinitely like tumor cells while also producing monoclonal antibodies of a single specificity, as derived from the B lymphocytes. Georges Kohler and Cesar Milstein developed this technique in 1975 and were awarded the Nobel Prize for it. Their work enabled the large-scale production of monoclonal antibodies with various applications, including disease diagnosis, drug development, and PET imaging using radiolabeled antibodies.