Google-founded life sciences startup Calico and Chicago-based biopharmaceutical company AbbVie announced a $1.5 billion joint research project focused on finding treatments for age-related diseases.
AbbVie and Calico will each initially provide up to $250 million to fund the collaboration, with the potential for both sides to contribute an additional $500 million.
Calico will use its scientific expertise to establish a world-class research and development facility, with a focus on drug discovery and early drug development, while AbbVie will provide scientific and clinical development support and commercial expertise to bring new discoveries to market.
Calico expects to begin filling critical positions immediately and plans to establish a team of scientists and research staff in the San Francisco Bay Area.
Read the AbbVie press release here