On Friday, Rani Therapeutics (RANI.US) surged over 265%, triggering a trading halt at one point and hitting a new annual high of $1.76. The spike in stock price follows the company’s announcement of a partnership with Chugai Pharmaceutical worth up to $1.085 billion. The agreement includes a $10 million upfront payment, eligibility for up to $75 million in technology transfer and development milestone payments, $100 million in sales milestone payments, and a single-digit royalty. Additionally, Chugai has the option to expand the collaboration to five additional drug targets. Rani Therapeutics specializes in oral delivery technologies for biopharmaceuticals, with its core platform, RaniPill®, dedicated to the development of oral antibodies and treatments for rare diseases. This collaboration focuses on Chugai's rare disease antibody projects to validate the technological application value.