Rani Therapeutics more than doubles on over $1 billion licensing deal with Japan's Chugai

** Drug developer Rani Therapeutics' RANI.O shares rise 156.95% to $1.21 in premarket

** Co signs licensing agreement with Japan's Chugai Pharmaceutical 4519.T to develop an experimental pill, with an option to extend it to up to five drugs, which could bring the total deal value to over $1 billion

** Under terms of the deal, for the first drug, Rani will receive $10 million upfront and is eligible to receive up to $75 million in technology and development milestones, and up to $100 million in sales milestones and single-digit royalties on product sales

** Chugai has the option to extend its rights to up to five additional drug targets under similar deal terms, which, if fully exercised by Chugai, could bring the total deal value to $1.085 billion

** Up to last close, RANI down ~66% YTD