Biohaven Ltd. (NYSE: BHVN) and SK Biopharmaceuticals Co., Ltd. announced a global licensing and collaboration agreement under which SK Biopharmaceuticals will receive an exclusive worldwide license to Biohaven's Kv7 ion channel platform, including its lead candidate opakalim (BHV-7000), a Kv7.2/7.3 potassium channel activator in Phase 2/3 development for focal epilepsy.

Under the terms of the agreement, SK Biopharmaceuticals will make upfront and milestone payments to Biohaven totaling up to $795 million. Biohaven will receive $400 million in near-term cash, comprising $350 million at closing and $50 million payable in 2027. An additional $150 million is available through development and regulatory milestones. SK Biopharmaceuticals will also pay tiered royalties on U.S. net sales of opakalim ranging from the mid-teens to low twenties percent, and mid-single digit royalties on sales outside the U.S.

SK Biopharmaceuticals will assume responsibility for Kv7 program costs going forward, including up to $185 million payable to Knopp Biosciences upon U.S. and EU approval, a mid-single digit worldwide royalty to Knopp Biosciences, and up to $60 million in milestones related to future Kv7 pipeline programs.

Opakalim is currently being evaluated in two Phase 2/3 randomized, double-blind, placebo-controlled trials as adjunctive therapy for refractory focal onset epilepsy. Topline results from the RISE3 trial are expected in the second half of 2026.

Closing of the agreement is subject to review under applicable regulatory and antitrust laws, including the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and other customary closing conditions.

SK Biopharmaceuticals markets XCOPRI (cenobamate) for partial-onset seizures in adults in the U.S. through its subsidiary SK Life Science, Inc., which operates a neurology field force of more than 150 professionals.

J.P. Morgan Securities LLC served as exclusive financial advisor and Sullivan & Cromwell LLP as legal advisor to Biohaven. Nomura Securities International, Inc. served as exclusive financial advisor and Paul Hastings LLP as legal counsel to SK Biopharmaceuticals.