Pharma BD Deal Intelligence

SK Biopharmaceuticals Co., Ltd. / Biohaven Pharmaceutical Holding Company Ltd.

2026 · Licensing/Option · $795M · Pending

Biohaven and SK Biopharmaceuticals entered a strategic global licensing agreement under which SK Biopharmaceuticals obtains an exclusive worldwide license to Biohaven's Kv7 ion channel platform, led by opakalim (BHV-7000), a next-generation selective Kv7.2/Kv7.3 potassium channel activator in Phase 2/3 development for focal (partial-onset) epilepsy. Biohaven receives USD 400 million in cash consideration - USD 350 million at closing and USD 50 million one year later - plus development and regulatory milestones taking the headline value to up to USD 795 million, together with tiered royalties on U.S. net sales. The deal is strategically adjacent for SK Biopharmaceuticals, which already markets XCOPRI (cenobamate) for partial-onset seizures through its U.S. arm SK Life Science, and gives Biohaven non-dilutive capital while retaining royalty upside. Topline results from the RISE3 trial of opakalim are expected in the second half of 2026.

This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2031 at the earliest for this deal, once/if it closes.

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