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.”
More articles on Google:
Google Glass healthcare startup raises $8.4M
6 health IT startups backed by Google
How Google searches reveal our country’s stark healthcare disparity
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
