Rani Therapeutics Partners With ProGen for Oral Obesity Treatment Development; Shares Rise

MT Newswires Live06-24

Rani Therapeutics (RANI) said Monday it signed a deal with ProGen for the co-development and commercialization of the RT-114 oral RaniPill capsule containing ProGen's PG-102 to treat obesity.

The companies will share responsibilities for the development and commercialization of RT-114 globally, including a 50/50 cost and revenue-share arrangement, Rani said.

Rani said it has exclusive rights to lead the development and commercialization in the US, Europe, Canada and Australia, with ProGen accounting for the rest of the world.

Rani will lead operationally in undertaking preclinical and development activities through a phase 1 program, which is expected to begin next year.

There is no upfront payment or financial exchange between the companies as part of the deal, Rani said.

Rani's shares were up 4.4% in recent trading.

Price: 4.33, Change: +0.18, Percent Change: +4.36

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