Alnylam expanded its discovery-focused AI partnership with Inceptive, signing a three-year collaboration valued at up to $2 billion with $30 million upfront in cash and equity. The companies plan to co-discover drugs, with additional payments tied to preclinical, regulatory, and commercial milestones. The expanded scope builds on earlier AI efforts at Alnylam and targets RNAi therapeutics, leveraging Inceptive’s foundation-model approach designed to learn biological “rules” for reusability across multiple tasks. Alnylam’s strategic aim is to accelerate discovery and optimize candidate development. In parallel, the deal signals how AI “agentic” workflows are moving from pilot projects into larger financial commitments within RNAi R&D, where target biology and screening pipelines are complex. For biopharma, these kinds of partnerships are likely to shape internal capabilities and external vendor strategy as companies seek reproducible models that can reduce iteration cycles from hit finding to preclinical readiness.