Biohaven licenses MoDE IgG degraders to Ono for $80M upfront, up to $100M near-term, ~20% royalties in Asia

Biohaven Ltd.

Ono gets exclusive rights to develop/commercialize BHV-1300, BHV-1310, BHV-1320 in Japan, South Korea, Taiwan, and ASEAN; Biohaven retains US, Europe, China rights.
Deal: $80M upfront at closing, $20M milestone anticipated within a year, ~20% royalties on net sales; Ono funds specified territory activities and shares global study costs.
BHV-1300 is in Phase 3 for Graves' disease; Phase 1b showed deep reduction in TSH-receptor autoantibody, normalized free T3/T4, IgG3 sparing.
Up to 87% total IgG reduction observed in Phase 1 studies; autoinjector self-administration; potential first-in-class extracellular IgG degrader.
J.P. Morgan is financial advisor; Sullivan & Cromwell legal advisor. Ono ticker TYO:4528; agreement dated Oct 8, 2026.

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