Eli Lilly signed a global R&D collaboration with Insilico Medicines worth up to $2.75 billion, extending the company’s push to apply AI to end-to-end drug discovery. Insilico will receive an $115 million upfront payment, with additional milestone payments tied to development, regulatory, and commercial outcomes. The deal grants Lilly worldwide rights to develop, manufacture, and commercialize a portfolio of oral therapeutics in preclinical development across multiple therapeutic areas. Beyond the initial set, Lilly and Insilico will jointly pursue new R&D programs centered on targets selected by Lilly. For the industry, the size of the collaboration underscores a shift from early-stage tooling contracts toward multi-program, portfolio-level agreements with clear downstream milestone economics.