Calico, an investment firm founded by Google to fund projects aimed at delaying the human aging process, is partnering with US drugmaker AbbVie to develop therapies for age-related diseases of the nervous system, such as Parkinson's, as well as cancer.

At the outset of the cooperation, each of the companies will make a financial contribution to the research valued at $250 million. At a later stage, contributions of around $500 million are envisioned, bringing the total to $1.5 billion.

Calico is to be headed by Arthur Levinson, former CEO of biotechnology firm Genentech, now part of Swiss pharmaceutical producer Roche. Levinson has since given up his seat on the Roche board of directors to avoid any potential conflict of interest.

Googl is said to be planning to build a "world-class" research campus for Calico near San Francisco, California.

According to the division of labor within the alliance, Calico will be responsible for basic research and early development of treatment strategies, while Abbevie will conduct clinical trials with patients and market any drugs developed.