A Google-backed startup has joined forces with North Chicago, Ill.-based AbbVie to develop drugs and treatments for diseases associated with aging, according to a Crain's Chicago Business report.
Last year, Google backed a startup called Calico, short for California Life Company, to focus on age-related disease treatment.
Calico will spearhead the research and development segment of the project, which includes building a facility in the San Francisco Bay Area. AbbVie will oversee late-stage pharmaceutical trials and commercialization activities, according to the report.
The pair will spend up to $1.5 billion on this project, initially providing $250 million each with the possibility if contributing $500 million more each, according to the report.
In a news release announcing the launching of Calico, Google CEO Larry Page said, "Illness and aging affect all our families. With some longer term, moonshot thinking around healthcare and biotechnology, I believe we can improve millions of lives."
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