Buy Tickets

U.S. Department of Energy

Chicago misses out in AbbVie-Calico pharma deal

Chicago misses out in AbbVie-Calico pharma deal

A few days ago, Calico, a Google-backed biotech company, announced that it would build a California-based research and development facility to invent new drugs to combat diseases afflicting the elderly.

Half of the initial $500 million investment would be footed by AbbVie, a pharma company based in the Chicago area, for a few more months at least.

AbbVie's CEO, Richard Gonzalez, and its board, which includes former United Airlines CEO Glenn Tilton, Northern Trust CEO Frederick Waddell and former Allstate CEO Edward Liddy, has made the unpopular decision to use its acquisition of European competitor Shire to...