Eli Lilly, Insilico Medicine form up to $2.75B AI partnership
Business
Eli Lilly, the US pharmaceutical giant known for its weight-loss injections, is joining forces with Hong Kong's Insilico Medicine to use artificial intelligence for faster drug discovery.
The partnership could be worth up to $2.75 billion and builds on an earlier tech agreement between the two companies.
Insilico Medicine receives $115 million up-front payment
Insilico gets a $115 million up-front payment and will work on research projects chosen by Eli Lilly, using its AI tools to speed up the process of finding new medicines.
After the news broke, Insilico's shares jumped 6.5% in Hong Kong trading.
Eli Lilly's group vice president of molecule discovery Andrew Adams called Insilico's tech a valuable addition that could help create new treatments more quickly across several areas.