Biohaven licenses epilepsy drug platform to SK Biopharmaceuticals for up to $795 million

On August 26, 2026, Biohaven agreed to license its Kv7 epilepsy drug platform, including the late-stage asset opakalim, to South Korea's SK Biopharmaceuticals for up to $795 million. The deal provides Biohaven with $350 million upfront to ease cash burn following clinical setbacks, including an FDA rejection of Vyglxia. SK Biopharmaceuticals will also assume up to $245 million in obligations to Knopp Biosciences, while Biohaven retains future royalty rights.

SK Biopharmaceuticals licensing deal

• ▪Biohaven entered into a licensing agreement on August 26, 2026, to sell the rights to its Kv7 ion channel technology and lead epilepsy drug opakalim to South Korea's SK Biopharmaceuticals for up to $795 million.
• ▪The August 2026 licensing agreement includes up to $150 million in development and regulatory milestones for Biohaven, plus future royalties ranging from the mid-teens to low twenties if opakalim is approved.
• ▪Under the August 2026 agreement, SK Biopharmaceuticals will pay Biohaven $350 million upfront and an additional $50 million in 2027.
• ▪As part of the August 2026 deal, SK Biopharmaceuticals will assume up to $245 million in obligations owed by Biohaven to Knopp Biosciences, the previous owner of opakalim.

Biohaven financial pressures

• ▪Biohaven sought non-dilutive financing to address cash burn resulting from recent research and regulatory setbacks, according to Leerink Partners analyst Marc Goodman in August 2026.
• ▪Prior to the August 2026 deal, Biohaven reduced its research and development costs and restructured its scientific leadership team to manage its financial resources.

Opakalim development status

• ▪Opakalim, a treatment for focal epilepsy, is in late-stage clinical testing, with topline results from the Rise3 trial expected before the end of 2026.
• ▪RBC Capital Markets analyst Leonid Timashev characterized the August 2026 transaction as surprising because opakalim was Biohaven's most mature asset and was close to a pivotal study readout.

Biohaven corporate history

• ▪In 2022, Biohaven's predecessor company sold its migraine drug Nurtec ODT to Pfizer in an $11.6 billion transaction, after which CEO Vlad Coric launched the current spinoff company.
• ▪Since its 2022 spinoff, Biohaven has experienced clinical setbacks, including the failure of an experimental depression drug, an FDA rejection of Vyglxia, and an unsuccessful spinal muscular atrophy study.

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