Biohaven Ltd. (BHVN) saw its stock price rise 17.9% on Wednesday following a strategic global licensing agreement with South Korea’s SK Biopharmaceuticals. The deal grants SK exclusive worldwide rights to Biohaven’s Kv7 ion channel platform, which includes the mid- to late-stage drug opakalim (BHV-7000), currently being developed for focal epilepsy. Biohaven will receive $400 million upfront, with possible milestone payments totaling up to $795 million.
Under the agreement, Biohaven will also earn tiered royalties on U.S. net sales of opakalim ranging from the mid-teens to low twenties, plus mid-single-digit royalties for international sales. SK Biopharmaceuticals will assume all costs related to the Kv7 program and specific financial obligations to Knopp Biosciences, potentially reducing Biohaven’s capital burden.
Opakalim, a selective Kv7.2/7.3 potassium channel activator, is being tested in phase II/III studies with over 1,200 participants. Key results from the RISE3 study are expected in the second half of 2026 as Biohaven looks to leverage this partnership to enhance its financial position and further advance its broader pipeline.
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