Roche paid an $80 million upfront to capture global rights to Hansoh Pharma’s early colorectal ADC candidate, while Rani Therapeutics signed a deal with Chugai worth up to $1.08 billion to apply its oral delivery platform to Chugai’s rare‑disease antibody. Both transactions illustrate large pharma’s willingness to secure differentiated modalities — targeted payload delivery and oral biologic administration — and to deploy milestone‑heavy structures to de‑risk early‑stage innovation for commercialization. The deals also underscore active BD markets for delivery technologies and next‑generation targeted therapies.