SK Biopharmaceuticals surged 10.5% on Wednesday after announcing a global licensing agreement with Biohaven Bioscience Ireland worth up to $795 million.
The deal grants SK Bio exclusive worldwide rights to Opakalim, an investigational epilepsy drug, alongside a Kv7 activator compounds portfolio and the underlying Kv7 discovery platform. The upfront payment totals $400 million, comprising $350 million due at closing and an additional $50 million payable one year later, with potential milestone payments bringing the total consideration to $795 million.
The agreement follows strong performance of SK Bio’s existing epilepsy treatment, Cenobamate, which recorded 24% year-on-year prescription growth in July. The company also reported second-quarter consolidated revenue of 247.4 billion KRW, a 40.3% increase from the prior year.
Heungkuk Securities maintained a Buy rating on SK Biopharmaceuticals with a price target of 140,000 KRW. The stock’s surge contributed to broader market gains, with South Korea’s KOSPI index rising approximately 0.9% on the session.
