People familiar with the talks told Bloomberg the Alphabet drug discovery company is seeking at least $40B and possibly as much as $50B. The round size and investors were not disclosed, nothing has closed, and terms could change. Isomorphic sells access to its IsoDDE platform, which automates research steps such as finding binding pockets on target proteins, through partnerships with drugmakers. It signed deals worth nearly $3B with Eli Lilly and Novartis in 2024 and added Johnson & Johnson this January, all focused on small molecules. For builders in AI for science, the talks show investors will pay frontier-lab style valuations for vertical model companies with pharma revenue contracts. They also raise the bar for rivals pitching drug discovery platforms, which will be measured against Isomorphic's partner list and DeepMind lineage.