Application of a Ugi multicomponent reaction to oxo acids 4 allows the formation of potentially antimitotic indolobenzazepinones of type 5 in good yields of up to 72 %, whereas the same transformation from the starting substrate 6 gives access to analogues of paullone with yields of up to 89 %. The reaction could be applied to a wide range of isocyanides, thereby ensuring introduction of molecular diversity at the key C‐5 position. Use of cyclohexenyl isocyanide allows post‐condensation modifications, while careful choice of the amine and the indole protecting groups proved to be important for providing the deprotected compounds necessary for biological tests. (© Wiley‐VCH Verlag GmbH & Co. KGaA, 69451 Weinheim, Germany, 2008)