US-based biotherapeutics company Rani Therapeutics raised an undisclosed amount on Tuesday in a series C round featuring pharmaceutical company Novartis, internet company Google and pharmaceutical packaging producer Stevanato.
The round also included InCube Ventures, the life sciences venture fund of research facility InCube Labs, and healthcare crowdfunding platform VentureHealth, as well as Crystal Horizon Investments, Pinemount Investments, Pacific Venture Opportunity Fund and Buttonwood Funds.
Rani, which was spun out of InCube Labs in 2012, has developed a process to convert injectable drugs into pills. Novartis has also signed a collaboration agreement with Rani to launch feasibility studies to find out if selected Novartis drugs could be turned into pills with Rani’s technology.
The studies will be conducted over the next 18 to 24 months, after which point Novartis has an option to either sign a more extensive agreement or license the technology for specific drugs.
Google, which invested through its Google Ventures unit, led a series B round for Rani in 2013 reportedly sized at more than $10m, and which included InCube Ventures and VentureHealth. The company has not disclosed details concerning its series A round.