US pharmaceutical giant Eli Lilly has signed a massive $2.75 billion deal with Hong Kong-listed biotech firm Insilico Medicine. The agreement will see Eli Lilly take AI-developed drugs to the global market, while Insilico will get an upfront payment of $115 million and further payments based on regulatory approvals and commercial milestones.

The deal builds on their previous collaboration from 2023, when they signed an AI-based software licensing agreement.