Both collaborations are multi-target, focused on small molecules, and include a combination of upfront and milestone payments.

The Eli Lilly partnership is set to discover small molecule therapeutics against multiple targets. Isomorphic Labs will receive an upfront cash payment of €41 million ($45 million) and are eligible for up to €1.55 billion ($1.7 billion) in performance-based milestone payments, excluding royalties on net sales.

"We’re thrilled to embark on this partnership and apply our proprietary technology platform, the next generation of AlphaFold, and access to massive computing power to Lilly's development programs,” said Demis Hassabis, CEO and founder of Isomorphic Labs. 

The strategic research collaboration with Novartis is set to discover small molecule therapeutics against three undisclosed targets. Isomorphic Labs will get an upfront payment of €34 million ($37.5 million) from Novartis, along with funding for select research costs. The company is eligible for up to €1.1 billion ($1.2 billion) in performance-based milestone payments, excluding upfront payment and subsequent tiered royalties, ranging from mid-single to low double digits on net sales.

"Cutting-edge AI technologies such as AlphaFold hold the potential to transform how we discover new drugs and accelerate our ability to deliver life-changing medicines for patients,” said Fiona Marshall, President of Biomedical Research at Novartis. “This collaboration harnesses our companies’ unique strengths, from AI and data science to medicinal chemistry and deep disease area expertise, to realize new possibilities in AI-driven drug discovery."

Isomorphic Labs, operating autonomously within Alphabet, exclusively focuses on applying AI to drug discovery. The company reimagines the entire process, employing an AI-first approach to build predictive and generative models of biological phenomena, anticipating drug performance and designing novel molecules.