Alnylam has signed a multi-year AI-enabled RNA discovery collaboration with Inceptive Nucleics, with total potential value described as up to $2 billion. The deal structure includes $30 million upfront (cash and equity), followed by milestone payments tied to preclinical, regulatory, and commercial progress. The partnership is positioned around Inceptive’s AI foundation models for sequence-based modalities, with the aim of speeding discovery and improving experimental productivity across RNA interference programs. Reporting also describes joint exploratory work showing “exceptional performance within weeks” at characterizing small interfering RNA molecules. This is the latest in a wave of pharma investments in AI-native R&D workflows—now focused specifically on RNAi therapeutics rather than general screening.