AI-enabled discovery and multi-modal, human-centric datasets are driving the next wave of biopharma partnerships. Collaborations are expanding rapidly, characterized by larger upfronts, equity-linked structures, and an increasing emphasis on data access, model co-development, AI validation, and cross-modality applications spanning small molecules, biologics, and emerging therapeutic areas. As this landscape evolves, the value proposition of these partnerships is shifting. This panel examines the emerging playbook for AI and data-enabled partnerships, with a focus on how deal structures unlock near-term value while compounding long-term strategic advantages. Using deal examples, the discussion will explore how companies structure data deals around multimodal and curated datasets, using access models such as federated approaches or data licensing, and how governance, quality standards, privacy, and deal terms are embedded into these collaborations.