May 20, 2024
Investors

Alphabet’s Isomorphic Labs In Drug Discovery Deals With Eli Lilly, Novartis


Isomorphic Labs, a unit of Google-parent Alphabet (GOOGL), on Sunday announced strategic research collaborations with Eli Lilly (LLY) and Novartis (NVS). The Lilly and Novartis collaborations will focus on small-molecule treatments and multiple targets. Isomorphic Labs, which uses artificial intelligence to help discover new drugs, will receive upfront cash and possible milestone payments.




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Eli Lilly and Isomorphic Labs will team up to discover small molecule therapeutics for multiple targets. Isomorphic will receive $45 million upfront, with up to $1.7 billion in milestone payments as well as possible royalties.

The Novartis-Isomorphic collaboration will focus on finding small molecule therapeutics vs. three targets. Alphabet’s Isomorphic gets $37.5 million cash now, along with Novartis covering some research costs. It’s als0 eligible for up to $1.2 billion in milestone payments, plus possible royalties.

Stocks

Eli Lilly stock leapt 6.1% to 618.55 last week, clearing early entries on Tuesday and Wednesday. On Thursday, LLY stock briefly topped a 629.97 flat-base buy point.

NVS stock jumped 5.3% last week to 106.31. Shares are now extended from a double-bottom buy point of 98.69, decisively cleared in the final days of last year.

GOOGL stock sank 2.8% to 135.73, falling below a 139.42 cup-with-handle buy point and testing support at the 10-week line.

Please follow Ed Carson on Threads at @edcarson1971, X/Twitter at @IBD_ECarson and Bluesky at @edcarson.bsky.social for stock market updates and more.

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