Pharma BD Deal Intelligence
Chugai Pharmaceutical Co. Ltd. / Rani Therapeutics Holdings, Inc.
2025 · Licensing/Option · $1.1B · Complete
Rani Therapeutics entered a collaboration and license agreement with Chugai Pharmaceutical to develop, manufacture and commercialize a product combining Chugai's hemophilia antibody with Rani's RaniPill HC oral delivery device. Rani received $10 million upfront and is eligible for up to $18 million in technology-transfer milestones, $57 million in development milestones, $100 million in sales-based milestones and single-digit royalties. Chugai holds an option to expand to as many as five additional drug targets on similar terms, taking potential total value to $1.085 billion. Rani announced a concurrent $60.3 million private placement.
This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2030 at the earliest for this deal, once/if it closes.
Key facts
- Announced Oct 17, 2025
- Deal value $1.1B
- Deal type Licensing/Option
- Therapeutic area Hematology, Immunology
- Indications Hemophilia (lead program); rare disease and immunology programs under option
- Key assets RaniPill HC oral delivery device combined with a Chugai hemophilia antibody
- Mechanism Oral delivery of injectable biologics via robotic ingestible capsule
Related deals
See the full interactive analysis, sources & comparables →
← Browse all deals ·
How we score deals
More: 2025 deals · Hematology deals