Biohaven Ltd. (NYSE: BHVN) shares rose 7% on Wednesday after the company announced a strategic global licensing agreement with SK Biopharmaceuticals for its Kv7 ion channel platform and opakalim, a selective Kv7.2/7.3 potassium channel activator.
The deal includes an upfront cash payment of $350 million at closing, an additional $50 million due in 2027, and potential development and regulatory milestone payments of up to $150 million. SK Biopharmaceuticals will also assume $245 million in specified obligations, alongside mid-single-digit royalty obligations to Knopp Biosciences.
Under the agreement, Biohaven will receive tiered royalties ranging from the mid-teens to low twenties on U.S. net sales of opakalim, with additional royalties on global net sales. The drug, currently in Phase 2/3 development for focal epilepsy, is designed as a once-daily oral medication without titration.
Topline results from the RISE3 trial for opakalim are expected in the second half of 2026. SK Biopharmaceuticals, which markets XCOPRI for partial-onset seizures in adults in the U.S., has an epilepsy commercial organization with over 150 professionals.
The transaction remains subject to regulatory and antitrust reviews, including compliance with the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as well as other customary closing conditions.
