Eli Lilly and Company is set to close a $2 billion deal with Insilico Medicine, a Hong Kong biotech company which uses artificial intelligence (AI) for drug discovery, the Financial Times reported on Sunday, citing sources familiar with the matter.
According to the outlet, Eli Lily will acquire the exclusive rights to sell the GLP-1 diabetes drug. The report read that the American drugmaker is "like its rivals in the global pharmaceutical sector, aggressively hunting in China for new drugs."
Neither Eli Lilly nor Insilico commented on the report. The official announcement is expected later in the day.
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