Overview
- For the initial target, Rani receives $10 million upfront and is eligible for up to $75 million in technology transfer and development milestones, up to $100 million in sales milestones, and single-digit royalties.
- Chugai holds an option to add up to five more targets under similar terms, which could bring the total potential deal value to $1.085 billion if fully exercised.
- The partners plan to pair Rani’s RaniPill oral delivery capsule with a Chugai rare-disease antibody to pursue an oral alternative to injectable biologics.
- Rani closed an oversubscribed $60.3 million private placement led by Samsara BioCapital with participation from RA Capital Management, Anomaly, Special Situations Funds, Invus, and founder Mir Imran.
- Rani says the PIPE proceeds, together with the upfront payment and expected $18 million in early technology transfer milestones, are projected to extend its cash runway into 2028, with future payments tied to development progress and regulatory outcomes.