Biohaven Ltd. (NYSE: BHVN) has agreed to grant Japan-based Ono Pharmaceutical Co., Ltd. (Tokyo Stock Exchange: 4528) an exclusive license to develop and commercialize its MoDE pan-IgG degrader portfolio — led by the small-molecule extracellular IgG degrader BHV-1300 and including follow-on candidates BHV-1310 and BHV-1320.
The license grants Ono rights across Japan, South Korea, Taiwan, and ASEAN member states, in return for USD 80 million upfront, up to USD 20 million upon a milestone anticipated within a year, and royalties of approximately 20% on Ono's net sales in the licensed territory.
BHV-1300 is in a pivotal Phase III trial in Graves' disease, which Biohaven announced began in June 2026 and which its September 2026 filing describes as ongoing. In a Phase Ib study in Graves' disease, the drug achieved mean reductions of more than 80% in pathogenic TSH receptor IgG1 autoantibodies by Week 12. Among patients with elevated thyroid hormones despite antithyroid treatment, free T4 and free T3 levels normalized after a median of three and five weeks, respectively. The findings were based on preliminary data from a small number of patients.