SK Biopharmaceuticals has agreed to acquire an exclusive worldwide license to Biohaven Ltd.'s (NYSE: BHVN) Kv7 ion channel platform, including lead asset opakalim (BHV-7000), a selective Kv7.2/7.3 potassium channel activator in pivotal Phase II/III development for focal epilepsy, in a deal worth up to USD 795 million plus tiered royalties.
Under the terms, Biohaven receives USD 400 million in near-term cash — USD 350 million at closing and USD 50 million in 2027 — plus up to USD 150 million in development and regulatory milestones. SK also assumes up to USD 245 million in future Kv7 program costs, including milestone and royalty obligations owed to Knopp Biosciences, the platform's originator. Biohaven retains tiered royalties on US net sales ranging from the mid-teens to low twenties percent. The license covers the full Kv7 discovery platform and all related compounds, not solely opakalim.
Biohaven completed enrollment in the RISE3 Phase II/III focal epilepsy study on June 30, 2026, with topline results expected in the second half of this year. SK is paying USD 350 million at closing without seeing those results, betting on the clinical signals accumulated across more than 1,200 participants to date. Opakalim is described by the company as differentiated from earlier Kv7 activators by its selectivity for Kv7.2/7.3 heteromeric channels, which Biohaven attributes to the compound's reported low rates of somnolence, dizziness, and fatigue in clinical studies. In May 2026, Biohaven reported clinical data showing seizure control alongside a tolerability profile the company characterized as markedly differentiated.
Through its US subsidiary SK Life Science, the South Korea-based company markets cenobamate (Xcopri) for partial-onset seizures in adults, with a dedicated neurology field force of more than 150 professionals. SK targets a US commercial launch for opakalim as early as 2029, according to its own announcement of the deal. The company describes opakalim as the second innovative drug it plans to launch directly in the US.