08:31 AM EDT, 10/17/2025 (MT Newswires) -- Rani Therapeutics ( RANI ) said Friday that it has signed a collaboration and licensing deal valued at up to $1.09 billion with Japan's Chugai Pharmaceutical for the development and commercialization of its RaniPill oral delivery technology, and Chugai's rare disease antibody candidate.

Rani said the agreement allows it to receive $10 million up front and is eligible to receive up to $75 million upon technology transfer and development milestones, up to $100 million in sales-based milestones, and single-digit royalties on product sales for the first license agreement.

Chugai has the option to extend its rights to up to partner with Rani on up to five additional drug candidates under similar terms which could bring the total deal value to more than $1 billion if fully exercised, Rani said.

Rani also said it has entered into a securities purchase agreement for a private placement in public equity financing led by Samsara (IOT) BioCapital that is expected to generate gross proceeds of $60.3 million.

Proceeds from the PIPE, along with Chugai's initial upfront payment and the expected technology transfer milestones of $18 million are expected to fund Rani's operations until 2028, the company said.

Rani shares were up more than 150% in recent Friday premarket activity.