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Investing.com -- Rani Therapeutics Holdings Inc (NASDAQ:RANI) stock surged 148.3% in premarket trading Friday after announcing a collaboration agreement with Chugai Pharmaceutical and securing a $60.3 million private placement.
The clinical-stage biotherapeutics company, focused on oral delivery of biologics, will receive a $10 million upfront payment from Chugai and is eligible for up to $75 million in technology transfer and development milestones. The agreement also includes potential sales milestones of up to $100 million and single-digit royalties on product sales.
The collaboration aims to develop an oral product combining Rani’s RaniPill technology with Chugai’s rare disease antibody. Notably, Chugai has options to extend rights to up to five additional drug targets under similar terms, potentially bringing the total deal value to over $1 billion.
"This partnership represents a convergence of Rani’s cutting-edge oral delivery platform technology and Chugai’s expertise in the research, development and commercialization of complex antibodies in global markets," said Talat Imran, CEO of Rani Therapeutics.
Simultaneously, Rani announced a $60.3 million private placement financing led by Samsara BioCapital, with participation from RA Capital Management, Anomaly, Special Situations Funds, Invus, and founder Mir Imran.
The company expects that proceeds from the private placement, combined with the upfront payment and expected technology transfer milestones of $18 million from Chugai, will fund operations into 2028.
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