US Stock Market Move | Reach a $1.085 billion cooperation agreement with domestic and foreign pharmaceutical companies, Rani Therapeutics (RANI.US) soars over 265%.

On Friday, Rani Therapeutics (RANI.US) surged over 265%, triggering a trading halt at one point, with the stock price hitting a new high for the year at $1.76. On the news front, the company announced a partnership agreement with Chugai Pharmaceutical, a Chinese domestic pharmaceutical company, worth up to $1.085 billion. Rani Therapeutics received a $10 million upfront payment and is eligible to receive up to $75 million in technology transfer and development milestone payments, $100 million in sales milestone payments, and single-digit royalties. Chugai Pharmaceutical also has the option to expand the collaboration to five additional drug targets. Rani Therapeutics specializes in biologic oral delivery technology, with its core platform, RaniPill, focusing on the development of oral antibodies and rare disease drugs. This partnership will be applied to Chugai Pharmaceutical's rare disease antibody project, validating the value of the technology application.