Shares of SK Biopharmaceuticals surged 10.5% on Wednesday after the company secured a licensing agreement worth up to $795 million with Biohaven Bioscience Ireland.
The deal grants Biohaven rights to Opakalim, an epilepsy drug candidate, along with a portfolio of Kv7 activator compounds and the underlying Kv7 discovery platform. The transaction includes an initial payment of $400 million, comprising $350 million due at closing and an additional $50 million payable one year later.
The broader South Korean market, as measured by the KOSPI, advanced about 0.9% on the day of the announcement. Analysts at Heungkuk Securities maintained a buy recommendation on SK Biopharmaceuticals, setting a price target of 140,000 KRW.
The company also reported a 24% year-over-year increase in Cenobamate prescriptions in July, reflecting growing demand for its epilepsy treatments. Second-quarter consolidated revenue reached 247.4 billion KRW, up 40.3% compared with the same period last year.
