AbbVie and Calico have expanded their agreement to develop treatments for age-related diseases for a further three years.

The original deal saw the companies link in 2014 to discover, develop and bring to market new therapies for patients illnesses such as neurodegeneration and cancer.

Since then, two companies have produced more than two dozen early-stage programmes addressing disease states across oncology and neuroscience and yielded new insights into the biology of aging.

Under the terms of the expanded arrangement, Calico is responsible for research and early development until 2022, and will advance collaboration projects through Phase IIa through 2027.

AbbVie will continue to support Calico in its early R&D efforts and, following completion of Phase IIa studies, will have the option to manage late-stage development and commercial activities.

Both parties will share costs and profits equally, and AbbVie and Calico will each stream an extra $500 million into the collaboration.

"We've built a successful collaboration – both scientifically and culturally – that is advancing cutting-edge science," said Michael Severino, executive vice president, research and development, chief scientific officer, AbbVie.

"Calico has attracted an outstanding team of world-class scientists and the extension of this collaboration allows us to further build on the research we've done to identify transformative treatment options for patients with age-related diseases."