Sk Biopharmaceuticals Co Ltd

Biohaven and SK Biopharmaceuticals have announced a global licensing agreement for opakalim, Biohaven's lead epilepsy candidate, in a deal worth up to $795 million plus royalties. Under the agreement, SK Biopharmaceuticals obtains exclusive worldwide rights to Biohaven's Kv7 ion channel platform, while Biohaven receives $400 million in near-term cash, including $350 million at closing and $50 million in 2027. The deal also includes up to $150 million in development and regulatory milestones, with tiered royalties on US net sales ranging from the mid-teens to low twenties. SK Biopharmaceuticals will assume Kv7 program costs, including certain Knopp Biosciences obligations worth up to $245 million plus mid-single-digit royalties. The agreement follows positive proof-of-concept data in epilepsy, where opakalim extended the median time to a second seizure to 141 days versus 47 days on placebo, and 54% of patients in an open-label extension study saw at least a 50% reduction in seizure frequency. Biohaven's CEO stated the deal demonstrates the company's ability to monetize its pipeline through partnerships, providing non-dilutive cash to fund other programs such as BHV-1300 and BHV-1400. The pivotal RISE3 trial results are expected in the second half of 2026.