$888 million "marriage" of transnational giants, Hong Kong stock "AI Pharmaceutical first stock" INSILICO (03696) fired the first shot of the 2026 biopharmaceutical business development.

In the process of accelerating the transformation of the global pharmaceutical industry towards intelligence, the AI pharmaceutical field has ushered in a new round of significant progress. INSILICO (03696) has reached a multi-year research and development cooperation agreement with Roche, involving a total amount of up to 8.88 billion US dollars. The two parties will focus on challenging targets in the anti-cancer field, jointly identify and develop innovative therapies. According to the agreement, INSILICO is eligible to receive up to 32 million US dollars in upfront payments and near-term research milestone payments, and will use its artificial intelligence technology platform to screen and advance potential candidate drugs that meet established drug research and scientific standards; Roche will share the research and development costs, and after successfully nominating promising candidate drugs, will lead the subsequent clinical validation, regulatory communication, and commercialization process of the candidate drugs for cancer globally. As the "opening salvo" of the biopharmaceutical field in 2026, this heavyweight deal not only attracts attention in terms of amount, but also brings a core issue to the forefront: has AI pharmaceuticals crossed the long process of "concept verification" and truly entered a new period of scaled "value realization"? Technological market substitution: The "pharmaceutical superintelligence" behind 8.88 billion US dollars Behind the deep cooperation between INSILICO and Roche lies the potential of a "pharmaceutical superintelligence" demonstrated by its Pharma.AI platform. This is not just a simple technological tool output, but a paradigm shift of "technology for market" - by deep empowering generative artificial intelligence from target discovery to compound design, drug research and development is transformed into a more efficient and controllable intelligent process. Previously, INSILICO had verified the replicability of this capability through its self-developed projects. In the oncology pipeline field, the company has established a research matrix covering multiple cancer indications with innovative mechanisms and mature targets. Currently, several projects have progressed to the clinical stage, including the TEAD inhibitor ISM6331 and the MAT2A inhibitor ISM3412, both with "best-in-class" potential, which have initiated global multi-center phase I clinical trials. In addition, the company has fully or partially licensed four oncology projects to external partners who are advancing the clinical trials of the projects. By combining this validated "pharmaceutical superintelligence" capability with Roche's global commercialization advantage in the oncology field, releasing synergistic value, the unpredictable research and development process is transformed into an efficient and controllable technology output. Capital feast: The performance of the "first stock of AI pharmaceuticals in Hong Kong Stock Exchange" This heavyweight cooperation with Roche follows INSILICO's milestone capital move. On December 30, 2025, INSILICO officially listed on the main board of the Hong Kong Stock Exchange, recognized by the market as the "first stock of AI pharmaceuticals in Hong Kong Stock Exchange." Its IPO performance was phenomenal: the Hong Kong public offering portion recorded an oversubscription of approximately 1427 times, locking in subscription funds of over 328.3 billion Hong Kong dollars; while the international offering also received enthusiastic responses, recording an oversubscription of 26.27 times. These two data sets have both refreshed the year's highest subscription record for non-18A Hong Kong stock healthcare IPO. The market's enthusiasm stems from the top-tier lineup of investors. INSILICO successfully attracted 15 global top cornerstone investors, including Eli Lilly, Tencent, Temasek, UBS, Taikang Life, etc. This list, spanning across global pharmaceutical giants, top technological forces, sovereign funds, and large asset management institutions, not only reflects solid capital backing but also reflects the high consensus of cross-sector capital on the AI pharmaceutical track. Since its listing, the company's share price has been strong for three consecutive trading days, outlining the general optimism of the secondary market on the future prospects of "AI + biopharmaceuticals." This 8.88 billion US dollar cooperation with Roche is not only the "red opening" of the company's capital market debut but also another key milestone in its global business expansion and technology value realization path. Strategic map: Building a global pharmaceutical partnership ecosystem In addition to the latest cooperation with Roche, since 2020, INSILICO has built a large global "circle of friends" with its AI platform strength and expertise in drug research and development, reaching dozens of AI-driven research cooperation and pipeline authorizations. Its collaboration model shows multi-dimensional, high-value characteristics. Including: three pipeline authorizations with companies such as Exelixis and Minervini, with a total amount of up to 2.1 billion US dollars; partnering with Sanofi (with a total potential value of up to 1.2 billion US dollars), Eli Lilly (with a total value of over one billion US dollars), and Shanghai Fosun Pharmaceutical and other leading pharmaceutical companies to achieve AI-driven drug research and development cooperation; and partnering with multinational pharmaceutical companies such as Novo Nordisk, Bristol-Myers Squibb, and Pfizer for AI software external licensing cooperation. This series of collaborations not only form a continuous source of income but also constantly validate and strengthen the strong adaptability and value creation of its AI technology platform in different disease fields and commercial scenarios in practice. An open new drug development ecosystem driven by artificial intelligence, connecting global top pharmaceutical forces, is gradually maturing. From "technological frenzy" to "clinical tough battle," the second half of AI pharmaceuticals is just beginning The 8.88 billion US dollar BD deal and the opening red of the Hong Kong IPO undoubtedly inject a strong booster for INSILICO and the entire AI pharmaceutical track. However, beyond the heat of capital and technological innovation, we must maintain a calm insight: the considerable "acceleration" of early drug research and development by AI - shortens the cycle from project initiation to preclinical candidate compound nomination (PCC) to 12-18 months - ultimately must face the ultimate judgment of the "conversion success rate" in clinical trials. For INSILICO, the substantial cooperation amount and milestone payments certainly demonstrate the dominance of its Pharma.AI platform in the early stage of research and development, but new drug development is always a perilous journey. As its clinical pipeline progresses, the true challenge of AI pharmaceuticals will shift from "early-stage competition" to "efficacy validation." Standing at the starting point of 2026, the shot fired by INSILICO signifies the industry's shift from a simple technological narrative to a deep commercial realization. Can AI truly break the curse of the "rule of tens" in pharmaceutical research and development and transform this wave of "value realization" into a lasting revolution in life sciences? The answer will be hidden in the echoes of clinical data and pipeline landing in the next few years.