A significant Collaboration and License Agreement has been announced by Rani Therapeuticsa clinical-stage biotherapeutics company pioneering the oral delivery of biologics and drugs through its proprietary RaniPill® capsule. This partnership is with Chugai Pharmaceutical Co., Ltd. and focuses on developing and commercializing an oral product that combines the RaniPill® with Chugai’s rare disease antibody to target high-unmet-need areas, including rare and immunologic diseases.

The partnership aims to address the significant burden on patients who currently rely on injections by offering a breakthrough oral treatment to enhance adherence and quality of life. For the initial drug target, Rani will receive a $10 million upfront payment and is eligible for up to $75 million in success-based technology transfer and development milestones, up to $100 million in sales milestones, and single-digit royalties on product sales. Critically, the deal includes an option for Chugai to extend the collaboration to up to five additional drug targets under similar terms, which could bring the total potential deal value to over $1.085 billion.

In a separate but concurrent announcement, Rani also successfully completed an oversubscribed Private Placement (PIPE) financing, expected to generate gross proceeds of approximately $60.3 million, led by Samsara BioCapital and featuring participation from several other new and existing investors. Rani expects the net proceeds from this PIPE, combined with the initial upfront and expected technology transfer milestones from the Chugai agreement, will provide funding to sustain the company’s operations into 2028.