Calico Life Sciences, an R&D biotech founded in 2013 as a Google subsidiary, is reaffirming its partnership with AbbVie (NYSE: ABBV) it initially formed in 2014. The latest agreement extends the collaboration from 2022 to 2025 while allotting $500 million in additional funding from both companies.
The two companies are collaborating on three clinical stage programs related to immuno-oncology and neurodegeneration. They also have 20 early-stage programs in development.
Calico became part of Alphabet in 2015, when Google decided to restructure as Alphabet as a holding company.
At present, Calico and AbbVie currently have two PTPN2 inhibitors in Phase I studies.
The companies plan to continue its work to advance their pipeline of preclinical and clinical drug candidates, which have “first-in-class potential,” according to Gerry Fox, vice president, discovery at AbbVie.
Age-related diseases are a core focus of the collaboration.
AbbVie shares ticked up 0.14% in trading today to $117.96. Alphabet saw its stock fall 1.59% to $2,638.00, but recovered in after-hours trading after it released its Q2 earnings.