SK Biopharmaceuticals Introduces Biohaven’s Epilepsy Drug Candidate in Deal Worth Up to 1.1 Trillion Won

Exclusive Global License for Opakalim and Kv7 Activators

$400 Million Upfront, Up to $395 Million in Milestone Payments

SK Biopharmaceuticals will introduce Biohaven’s epilepsy drug candidate and its potassium channel (Kv7) drug development platform for up to 1.1 trillion won.

On August 26, SK Biopharmaceuticals announced that it has signed an exclusive license agreement with Biohaven Biosciences Ireland for the epilepsy drug candidate 'Opakalim (BHV-7000)', as well as other Kv7 activator compounds and the 'Kv7 Discovery Platform'. Through this agreement, SK Biopharmaceuticals will secure global exclusive rights to the candidate and the platform.

The total contract value is up to 795 million dollars (approximately 1.1 trillion won). The initial payment is 400 million dollars (about 553.2 billion won), of which 350 million dollars will be paid upon transaction closing and the remaining 50 million dollars will be paid one year after closing. Milestone payments for development and regulatory progress can reach up to 395 million dollars (about 546.3 billion won). Of this, milestones related to Opakalim account for 335 million dollars, while other Kv7 activator compounds account for 60 million dollars. After the product is launched, additional royalties will be paid based on net sales tiers.

Opakalim is an epilepsy drug candidate that works by activating the Kv7 potassium channel, under development for partial-onset seizure indications. Phase 2 and 3 clinical trials, named 'RISE2' and 'RISE3', are currently underway. To ensure development continuity, Biohaven will continue to conduct the ongoing clinical trials, while SK Biopharmaceuticals will cover the related costs.

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