United States-based Biohaven Ltd., which trades on the New York Stock Exchange under the ticker BHVN, and South Korea-based SK Biopharmaceuticals Co., Ltd. announced on Aug. 26, 2026 a global licensing and collaboration agreement under which SK Biopharmaceuticals will obtain an exclusive worldwide license to Biohaven’s Kv7 ion channel platform, led by opakalim (BHV-7000).
Opakalim is a next-generation selective Kv7.2/7.3 potassium channel activator in Phase 2/3 development for focal epilepsy. Topline results from the RISE3 trial are expected in the second half of 2026.
The companies will collaborate to advance opakalim through development and U.S. Food and Drug Administration (FDA) approval. Biohaven’s Kv7 platform will be paired with SK Biopharmaceuticals’ global development, regulatory and commercial capabilities in antiseizure medicines.
Deal terms#
All figures are in U.S. dollars. Under the agreement:
- SK Biopharmaceuticals will make upfront and milestone payments up to $795 million related to the Kv7 platform.
- Biohaven will receive tiered royalties ranging from the mid-teens to low twenties on U.S. net sales of opakalim.
- Biohaven will receive $400 million in cash consideration, consisting of $350 million payable at closing and $50 million payable in 2027.
- Biohaven is eligible for an additional $150 million in development and regulatory milestone payments plus royalties on global net sales of opakalim.
- SK Biopharmaceuticals will assume responsibility for Kv7 program costs going forward, including specified Knopp Biosciences and Kv7 future milestone obligations totaling $245 million and mid-single digit royalty obligations to Knopp Biosciences.
Executive comments#
Vlad Coric, M.D., Chairman and Chief Executive Officer of Biohaven, said the partnership could deliver a novel treatment for epilepsy patients who need better seizure control without worsening central nervous system (CNS) side effects.
“This is a landmark partnership that has the potential to deliver a novel treatment for millions of patients with epilepsy who still need better seizure control without exacerbating CNS adverse effects. Opakalim is one of the most exciting assets we have advanced; a selective Kv7.2/7.3 activator designed to deliver meaningful efficacy without the burdensome central nervous system side effects, including sedation and dizziness, associated with so many antiseizure medicines. SK Biopharmaceuticals is an ideal partner having launched XCOPRI and is the only company to bring a new antiseizure medicine for partial-onset (focal) seizures to patients in the U.S. since 2016. Pairing our scientific innovation with SK Biopharmaceuticals’ established epilepsy development and commercialization expertise gives opakalim, if approved, its fastest and strongest path to patients worldwide. This partnership also brings $400 million in near-term, non-dilutive capital to Biohaven while preserving substantial long-term upside for our shareholders.”
The companies plan to work together through a New Drug Application (NDA) submission. Donghoon Lee, President and Chief Executive Officer of SK Biopharmaceuticals, said the company’s experience with XCOPRI provides a foundation for bringing differentiated central nervous system medicines to patients.
“Our experience building XCOPRI into a therapy for epilepsy patients worldwide, from clinical development through global commercialization, has given us a deep understanding of what it takes to bring a differentiated CNS medicine to patients. We see opakalim as a highly complementary addition to our epilepsy portfolio, with a mechanism and tolerability profile that could extend our ability to serve patients who may benefit from additional treatment options. We look forward to a close, collaborative partnership with the Biohaven team through NDA submission and beyond.”
Coric added that the transaction validates Biohaven’s strategy of building differentiated platforms and pursuing monetization pathways beyond public-market equity raises.
“Beyond opakalim, this transaction validates Biohaven’s strategy of building differentiated, novel platforms that create value for patients and investors while pursuing monetization pathways beyond typical public-market equity raises. With such a robust pipeline, Biohaven has the potential to create value in numerous ways, including an outright sale, license agreements and partnerships with companies looking to expand their clinical-stage pipelines. Rather than stand up a commercial organization of our own for opakalim, we structured a partnership with a leading strategic partner in epilepsy to drive long-term revenue potential of this novel mechanism. This structure allows Biohaven to receive an upfront payment for our development efforts while sharing in future upside of opakalim through milestones and royalties. A strengthened balance sheet, coupled with a meaningfully lower go-forward burn and a world-class partner, lets us sharpen our focus and invest in the next wave of Biohaven innovation, from our MoDE and TRAP extracellular protein degraders in immunology to our programs in neuroscience, metabolic conditions, and rare diseases. We are building a diversified, self-sustaining engine for long-term value creation.”
Company context#
SK Biopharmaceuticals has a history of more than 30 years. It is the first global biopharmaceutical company in more than a decade, and the first Korean company, to independently discover, develop and commercialize a novel antiseizure medicine.
Through its U.S. subsidiary SK Life Science, Inc., the company markets XCOPRI (cenobamate) for partial-onset (focal) seizures in adults in the U.S. Its U.S. epilepsy commercial organization includes a neurology field force of more than 150 professionals and established epilepsy-center and neurologist coverage. The company said that infrastructure has supported double-digit growth of XCOPRI and expanded its reach to patients worldwide.
Closing of the licensing and collaboration agreement is contingent on completion of review under applicable regulatory and antitrust laws, including the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 in the U.S., and other customary closing conditions.
