SK Biopharm has licensed an epilepsy drug candidate and platform technology from Irish biotech company Biohaven in a deal worth up to 1.1 trillion won ($795 million).
SK Biopharm said Wednesday it signed a worldwide exclusive license agreement with Biohaven Biosciences Ireland for the epilepsy drug candidate Opakalim (BHV-7000), other related compounds, and the Kv7 Discovery Platform, all based on a potassium channel (Kv7) activation mechanism.
The total deal value reaches up to $795 million, equivalent to 156 percent of SK Biopharm's consolidated sales in 2025.
The upfront payment carries no repayment obligation and is set at $400 million. Of that, $350 million will be paid at deal closing, with the remaining $50 million due one year after the closing date.
Milestone payments tied to development and regulatory approval stages total up to $395 million — $335 million allocated to Opakalim and $60 million to other Kv7-activating compounds. After commercialization, royalties will be paid separately based on tiered net sales.
Opakalim works by activating potassium channels (Kv7) to suppress excessive excitation of neurons in the brain, and is being developed to treat partial-onset seizures. Global Phase 2/3 trials — known as RISE2 and RISE3 — are currently underway. To maintain development continuity, Biohaven will continue conducting the ongoing clinical trials while SK Biopharm covers the associated costs.
The agreement remains in effect until the latest of 10 years from the product launch date after commercialization, patent expiration, or the expiration of regulatory exclusivity. Final deal closing is expected once conditions precedent are met, including completion of review under the US Hart-Scott-Rodino Antitrust Improvements Act.
silverpaper@heraldcorp.com
