By Colin Kellaher
AbbVie and Calico, a life-science company backed by Google parent Alphabet, on Tuesday said they will each invest an additional $500 million to extend their collaboration on new therapies for patients with age-related diseases, including neurodegeneration and cancer.
The companies said Calico, led by former Genentech Chairman and Chief Executive Arthur Levinson, will be responsible for research and early development until 2022 and will advance collaboration projects through Phase 2a through 2027.
AbbVie, the North Chicago, Ill., biopharmaceutical company, will continue to support Calico in its early R&D efforts and, following completion of Phase 2a studies, will have the option to manage late-stage development and commercial activities.
The companies said they will share costs and profits equally.
Google and AbbVie launched the initial $1.5 billion partnership in 2014.
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