Rani Therapeutics Holdings Inc. (NASDAQ:RANI) has signed a major collaboration agreement with Chugai Pharmaceutical Co. Ltd. (USOTC:CHGCY) to co-develop oral delivery therapies that combine Rani’s RaniPill technology with Chugai’s rare disease antibody treatments.

The initial terms of the deal grant Rani a $10 million upfront payment. The company could also receive up to $75 million tied to technology transfer and development milestones, $100 million in potential commercial milestones, and single-digit royalties on future product sales. Chugai has the option to expand the agreement to five additional drug targets on similar terms, potentially increasing the total deal value to $1.085 billion.

The collaboration aims to create oral alternatives to injectable therapies for patients with rare and immunologic diseases. Rani’s proprietary RaniPill capsule is designed to make it possible to administer biologics orally — treatments that have traditionally required injections or infusions.

In a separate announcement, Rani said it had closed a $60.3 million private placement led by Samsara BioCapital, with participation from RA Capital Management, Anomaly, Special Situations Funds, Invus, and company founder Mir Imran. Together with the upfront payment and expected milestone revenue of $18 million, the funds are projected to support the company’s operations through 2028.

Chugai, a member of the Roche Group and listed on the Tokyo Stock Exchange’s Prime Market, is known for its expertise in antibody engineering and rare disease drug development.

Rani Therapeutics Holdings stock price

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