Massive trading volume follows dual announcements boosting balance sheet and strategic outlook
Rani Therapeutics Holdings (NASDAQ: RANI) surged more than 200% in early trading Friday, with over 240 million shares changing hands — a dramatic increase from its three-month average daily volume of just over 600,000. The spike follows back-to-back announcements of a major collaboration agreement with Chugai Pharmaceutical Co. worth up to $1.085 billion and an oversubscribed $60.3 million private placement.
The collaboration with Japan-based Chugai — a member of the Roche Group — covers multiple high-value therapeutic programs, including those in rare diseases and immunology. Under the deal, Rani will receive a $10 million upfront payment and is eligible for up to $75 million in technology transfer and development milestones, $100 million in sales milestones, and single-digit royalties on future product sales. Chugai also has the option to partner on up to five additional drug targets under similar terms, which could bring the total potential deal value to more than $1 billion.
“This partnership represents a convergence of Rani’s cutting-edge oral delivery platform and Chugai’s expertise in antibody development,” said Rani Therapeutics CEO Talat Imran. “We’re uniting two powerful scientific teams to develop oral therapies that could redefine treatment for rare and immunologic diseases globally.”
Alongside the collaboration, Rani announced a $60.3 million private placement priced at-the-market under Nasdaq rules, led by new investor Samsara and joined by RA Capital Management, Anomaly, Special Situations Funds, Invus, and Rani’s Executive Chairman Mir Imran. The oversubscribed financing includes 42.6 million shares of Class A common stock and 82.4 million pre-funded warrants, each accompanied by warrants to purchase additional shares.
Rani said the net proceeds from the offering, combined with the upfront and milestone payments from Chugai, will extend its operating runway into 2028 and fund advancement of its RaniPill® platform — a proprietary oral delivery system designed to replace subcutaneous or intravenous biologic injections with oral capsules.
“We believe this additional financing from leading biotech investors reflects growing confidence in our strategy,” said Imran. “Together, this financing and our strategic partnership with Chugai mark a pivotal moment for Rani.”
At the closing of the financing, Samsara and Anomaly will each have the right to appoint a member to Rani’s board of directors.
Rani Therapeutics, based in San Jose, California, is a clinical-stage biotherapeutics company focused on developing orally administered biologics and drugs using its RaniPill® platform technology.
