SK Biopharmaceuticals said on Wednesday it had entered into a worldwide licensing agreement with Biohaven Bioscience Ireland for the global rights to Opakalim, an epilepsy drug candidate based on Kv7 activator compounds and the Kv7 discovery platform.
Under the terms of the deal, SK Biopharmaceuticals will pay Biohaven a total potential value of $795 million. The upfront payment is structured as $350 million due at closing, with an additional $50 million due one year after the agreement takes effect. Subsequent royalties will be paid to Biohaven based on net sales of the covered products.
The licensing agreement grants SK Biopharmaceuticals exclusive global rights to develop, manufacture and commercialize Opakalim and related Kv7 activator compounds, expanding the South Korean company’s neurology pipeline. Financial terms include the upfront and milestone payments, with the remaining $345 million contingent on regulatory and commercial milestones.
