Google has launched a new company called >Calico aimed at developing technologies that blunt the effects of ageing, Chief Executive Larry Page announced on Wednesday.

“I’m excited to announce Calico, a new company that will focus on health and well-being, in particular the challenge of ageing and associated diseases,” Page said in a blog posting.

The company will be headed by Art Levinson, the Chairman of biotech firm Genentech and Apple, Page said, and will invest in long term projects that most other companies cannot afford.

“These issues affect us all — from the decreased mobility and mental agility that comes with age, to life-threatening diseases that exact a terrible physical and emotional toll on individuals and families,” Page added.

“While this is clearly a longer-term bet, we believe we can make good progress within reasonable timescales with the right goals and the right people.”

The new company was also endorsed by Apple Chief Executive Tim Cook in a rare collaboration between the two rivals.

“For too many of our friends and family, life has been cut short or the quality of their life is too often lacking,” he said in a statement.

“Art is one of the crazy ones who thinks it doesn’t have to be this way. There is no one better suited to lead this mission and I am excited to see the results.”

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