NEW HAVEN, Conn. and SEOUL, South Korea, Aug. 26, 2026
Biohaven Ltd. and SK Biopharmaceuticals announced a strategic global licensing and collaboration agreement covering Biohaven’s proprietary Kv7 ion channel platform, led by opakalim (BHV-7000), a next-generation selective Kv7.2/7.3 potassium channel activator being developed for focal epilepsy. Under the agreement, SK Biopharmaceuticals will obtain an exclusive worldwide license to the platform and collaborate with Biohaven on the continued development and potential commercialization of opakalim. The transaction creates a development and commercialization pathway that combines Biohaven’s Kv7 science and clinical-stage asset with SK Biopharmaceuticals’ established epilepsy infrastructure and experience commercializing antiseizure medicines. For Biohaven, the partnership provides substantial non-dilutive capital while reducing the need to build a dedicated commercial organization for opakalim.
Biohaven to Receive Up to $795 Million and Royalties
The agreement provides Biohaven with $400 million in near-term cash consideration, consisting of $350 million at closing and $50 million payable in 2027, subject to customary closing conditions. Biohaven is also eligible for $150 million in development and regulatory milestone payments, while SK Biopharmaceuticals will assume responsibility for specified future Kv7 program costs and obligations. The overall agreement includes upfront and milestone payments related to the Kv7 platform of up to $795 million, together with tiered royalties ranging from the mid-teens to low twenties on U.S. net sales of opakalim and mid-single-digit royalties on sales outside the United States. SK Biopharmaceuticals will also assume certain obligations associated with Knopp Biosciences and future Kv7 programs. The financial structure gives Biohaven immediate capital while preserving potential long-term participation in opakalim’s commercial success through milestones and royalties.
Opakalim Advances Toward Phase 2/3 Epilepsy Readout
Opakalim is the lead program emerging from Biohaven’s Kv7 platform and is currently being evaluated in Phase 2/3 clinical development for focal epilepsy, with topline results from the RISE3 trial expected in the second half of 2026. The investigational therapy is designed as a once-daily oral treatment without titration, targeting selective activation of Kv7.2/7.3 potassium channels involved in regulating neuronal excitability. Biohaven reports that opakalim has been studied in more than 1,200 participants across clinical trials. The company is conducting two randomized, double-blind, placebo-controlled Phase 2/3 studies evaluating opakalim as adjunctive therapy for refractory focal-onset epilepsy, alongside an open-label extension study assessing longer-term efficacy and safety. The program’s development remains investigational, and its potential efficacy and safety will depend on ongoing clinical and regulatory evaluation.
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SK Biopharmaceuticals Expands Epilepsy Commercial Strategy
The partnership gives opakalim access to the established epilepsy development and commercial capabilities of SK Biopharmaceuticals, including experience behind XCOPRI (cenobamate) for partial-onset seizures in adults. Rather than establishing a separate commercial infrastructure, Biohaven is leveraging an existing specialist platform to support the potential future launch of its Kv7 therapy. The companies will work together through development and potential U.S. FDA approval, with SK Biopharmaceuticals assuming responsibility for Kv7 program costs going forward under the agreement. For Biohaven, the deal also supports its broader strategy of monetizing proprietary platforms while directing capital toward other pipeline programs in immunology, neuroscience, metabolic diseases and rare diseases. The transaction therefore represents both a major epilepsy-focused licensing deal and a broader portfolio-financing strategy for Biohaven as opakalim approaches an important clinical development milestone.
Source: Biohaven press relese
