(Reuters) -Rani Therapeutics on Friday announced a licensing deal to develop an oral version of Chugai Pharmaceutical’s experimental antibody, with an option to extend it to up to five drugs, potentially bringing the total deal value to $1.09 billion.
Shares of San Jose-based Rani nearly tripled in premarket trading.
Under the deal, Rani will receive a $10 million upfront payment, up to $75 million in technology transfer and development milestones, as well as up to $100 million in sales milestones and single-digit royalties on product sales for the first licensed program.
This partnership combines Rani’s cutting-edge oral drug delivery platform and Chugai’s expertise in complex antibodies in global markets, said Talat Imran, chief executive officer of Rani.
(Reporting by Puyaan Singh in Bengaluru; Editing by Vijay Kishore)
