… And Google-Backed Start-up Calico

AbbVie and Calico, a start-up company focused on the diseases of aging, are joining to discover and develop therapies for age-related diseases including neurodegeneration and cancer. The deal will enable Calico, which is financed by Google and headed by former Genentech executives, to establish an R&D facility in the San Francisco Bay Area. Each firm will initially put up $250 million. Calico will be responsible for R&D through Phase II clinical trials. AbbVie will have the option to manage late-stage development and commercialization. Both firms will share costs and profits equally. Each may contribute an additional $500 million to the collaboration.