What are the specific financial milestones within the Chugai collaboration announced in October 2025, potentially reaching $1.085 billion?

The collaboration and license agreement between Rani Therapeutics and Chugai Pharmaceutical, announced in October 2025, outlines a multi-tiered financial structure with a potential total value of up to $1.085 billion. This significant figure is contingent on Chugai exercising options for additional drug targets.1

For the initial product, which combines Rani's RaniPill® platform with Chugai’s rare disease antibody for hemophilia, the specific financial milestones are structured as follows:

• Upfront Payment: Rani Therapeutics received a non-refundable, non-creditable upfront payment of $10.0 million.2
• Technology Transfer Milestones: The agreement includes eligibility for up to $18.0 million in technology transfer milestones.2
• Development Milestones: Rani is eligible to receive up to $57.0 million in development milestones.2
• Sales-Based Milestones: Contingent upon regulatory approval and commercial success, Rani could receive up to $100.0 million in sales-based milestones.2
• Royalties: The agreement also includes single-digit royalties on net sales, contingent on the approval and commercialization of the product.2

The total potential deal value of $1.085 billion is achieved if Chugai expands its rights to up to five additional drug targets under similar terms to the initial agreement.1 This partnership highlights the potential of the RaniPill® platform to enable oral delivery of complex biologics, which are traditionally administered via injection.1