US drugmaker Eli Lilly has signed a $2bn deal with a Hong Kong-listed company that uses artificial intelligence for drug discovery, highlighting the global pharmaceutical sector’s increasing reliance on medicines developed in China.
Indianapolis-based Lilly will acquire exclusive rights to sell a GLP-1 drug for diabetes from Insilico Medicine, a biotech that went public on the Hong Kong stock exchange in December. Eli Lilly’s Asian venture arm is one of Insilico’s 10 largest shareholders.
The deal, which was first reported by the FT on Sunday, includes a $115mn upfront payment and could total more than $2bn if future regulatory and sales milestones are hit, sources said.
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