Artificial Intelligence: $2.75 Billion Deal for Drug Development

Pharmaceutical giant Eli Lilly has reached a $2.75 billion agreement with Insilico Medicine, based in Hong Kong, to develop drugs using Artificial Intelligence (AI).

The agreement includes a $115 million upfront payment to Insilico, with the remaining amount to be paid based on regulatory and commercial milestones, as well as royalties on future sales.

The collaboration focuses on developing therapies for diseases with "high unmet medical need." Insilico has developed at least 28 drugs using AI-driven tools, with nearly half already in clinical stage.

Eli Lilly has also partnered with Nvidia, investing $1 billion in an artificial intelligence research lab.