US-based biologics delivery technology developer Rani Therapeutics has filed to raise up to $100m in an initial public offering that would allow several corporate investors to exit.
Rani is developing a capsule called the RaniPill, which would allow for biologics to be delivered orally to patients, instead of through subcutaneous or IV injection.
The IPO proceeds have been earmarked for research and development and the advancement of Rani’s product pipeline, as well as growing its manufacturing capabilities and paying back a $1.3m Paycheck Protection Program loan taken out in April 2020.
The company had raised a total of $211m as of December 2020 when it received $69m in series E funding from undisclosed investors.
Pharmaceutical firms GeneScience, AstraZeneca, Shire and Novartis had joined Ping An Ventures, a subsidiary of insurance group Ping An, as well as internet technology group Alphabet’s GV unit, Bossa Ventures, Cathay Venture and Virtus Ventures to invest $53m in Rani in 2018.
Unnamed investors had provided $39m for Nani the previous year, following an undisclosed amount from AstraZeneca, Ping An Ventures and Virtus Inspire Ventures in 2016.
Novartis, GV, pharmaceutical company KPC and InCube Ventures, the investment vehicle for research facility InCube Labs, were also named as investors at the time of the 2016 round, as were VentureHealth, Buttonwood Funds and GF Ventures.
GV, InCube Ventures and VentureHealth had joined Novartis, pharmaceutical packaging producer Stevanato, Crystal Horizon Investments, Pinemount Investments, Pacific Venture Opportunity Fund and Buttonwood in a $15.5m round in 2015, having supplied $10m for Rani two years earlier.
InCube Labs and InCube Ventures both hold stakes in the company higher than 5%, as does an investment vehicle known as South Lake One. BofA Securities, Stifel Nicolaus, Cantor Fitzgerald, Canaccord Genuity and BTIG are the underwriters for the IPO, which is slated to take place on the Nasdaq Global Market.
