Biohaven licenses opakalim/Kv7 platform to SK Biopharmaceuticals for up to $795M

Biohaven Ltd.

SK Biopharmaceuticals licenses Biohaven's Kv7 platform led by opakalim, a Phase 2/3 selective Kv7.2/7.3 activator for focal epilepsy.
Biohaven receives $400M upfront ($350M at close, $50M in 2027) plus up to $150M development and regulatory milestones.
Tiered royalties on U.S. opakalim net sales range from mid-teens to low twenties; mid-single-digit on ex-U.S. net sales.
SKBP assumes up to $245M Knopp obligations: $185M on U.S./EMA approval of opakalim and up to $60M for future Kv7 programs.
Closing subject to antitrust clearance (HSR); RISE3 topline results expected in 2H 2026.

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