Eli Lilly signs $2.75 billion deal with AI drug developer Insilico Medicine

Eli Lilly signed a $2.75 billion deal with Hong Kong-listed Insilico Medicine to co-develop AI-designed drugs.

Insilico will receive $115 million upfront and the remainder is tied to regulatory and commercial milestones and license fees.

Insilico says it has used generative AI to develop at least 28 drugs, with about half already in clinical trials.

The companies have worked together since 2023 and Insilico runs early drug development in China while building AI capabilities in Canada and the Middle East.