Rani Therapeutics Holdings, Inc. announced on 2025-10-18 that it has entered into a collaboration and license agreement with Chugai Pharmaceutical Co., Ltd. for the development and commercialization of an oral product that combines Rani’s RaniPill® platform with Chugai’s rare‑disease antibody. The agreement provides an upfront payment of $10 million and allows Rani to receive up to $75 million in technology‑transfer and development milestones, plus up to $100 million in sales‑based milestones, with single‑digit royalties upon commercialization. Chugai also has the option to extend the license to up to five additional drug targets, potentially increasing the total value of the partnership to $1.085 billion.
In conjunction with the collaboration, Rani completed an oversubscribed private placement that is expected to generate gross proceeds of approximately $60.3 million. The placement, led by Samsara BioCapital and supported by investors such as RA Capital Management, Anomaly, and Invus, will issue 42,633,337 shares of Class A common stock at $0.48 per share and pre‑funded warrants to purchase up to 82,366,667 shares. The net proceeds, combined with the upfront payment and anticipated milestone payments from Chugai, are projected to fund Rani’s operations through 2028.
The combined partnership and financing represent a significant capital and strategic boost for Rani, addressing its urgent liquidity needs and providing a pathway to advance its oral biologics platform into late‑stage development. The deal also positions Rani to leverage Chugai’s expertise in antibody development and global commercialization, potentially accelerating the launch of oral therapies for rare and immunologic diseases. The announcement marks a pivotal moment for the company, as it secures both a high‑value collaboration and a substantial equity raise in a single transaction.
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