Rani Therapeutics Holdings (NASDAQ: RANI) has unveiled a transformative partnership with Japan’s Chugai Pharmaceutical Co. valued at up to $1.085 billion, coupled with a $60.3 million private placement that strengthens its capital position through 2028.
The Chugai Collaboration
Under the agreement, Chugai will make an initial $10 million payment and provide up to $75 million in technology-transfer and development milestones, along with as much as $100 million in sales-based milestones. The deal could expand to five additional drug targets, potentially bringing total value to over $1 billion. Rani will receive royalties on future product sales.
The companies plan to co-develop oral biologics utilizing the RaniPill capsule—a device engineered to deliver biologic therapies directly to the intestinal wall. The collaboration initially targets the oral delivery of Chugai’s investigational antibody for rare disease and immunology applications.
Funding to Advance RaniPill Platform
In a concurrent announcement, Rani priced a $60.3 million private placement “at the market” under Nasdaq rules. The financing round, led by Samsara BioCapital, included participation from RA Capital, Anomaly, Invus, and other institutional backers. Executive Chairman Mir Imran joined the round.
The structure comprises 42.6 million Class A shares at $0.48 each and pre‑funded warrants for 82.4 million more shares, plus additional warrants contingent upon shareholder approval. Samsara and Anomaly earned board appointment rights as part of the agreement.
Strengthened Balance Sheet
Rani expects the new funding, in combination with milestone revenue from Chugai and an anticipated $18 million technology payment, to finance its operations through 2028. Avenue Venture Opportunities Fund also converted $6 million in debt into equity, improving the company’s balance sheet position.
Market Reaction
Chief Executive Talat Imran said the deals mark a significant step toward mainstreaming oral biologics. “By pairing Rani’s oral delivery technology with Chugai’s world-class antibody capabilities, we’re advancing toward a new frontier in patient‑friendly biologics delivery,” Imran said.
Rani Therapeutics’ (NASDAQ: RANI $2.065, +343.23) shares more than tripled today post the announcement, underscoring investor optimism about the company’s pipeline and financial footing
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