SK Biopharmaceuticals(326030) will bring in from U.S.-based Biohaven a new epilepsy drug candidate in phase 2 and 3 trials and a related drug development platform. The deal is worth up to $795 million (about 1.0995 trillion won).
SK Biopharmaceuticals said on the 26th that it signed a global exclusive license agreement with Biohaven Bioscience Ireland for the epilepsy drug candidate "Opakalim (BHV-7000)," other potassium channel (Kv7) activator compounds, and the Kv7 drug development platform.
Opakalim is a new drug candidate being developed for focal-onset seizures in people with epilepsy. It works by activating the potassium channel Kv7, which regulates neuronal excitability. Phase 2 and 3 trials, including "RISE2" and "RISE3," are under way.
The deal is worth up to $795 million. Of that, the nonrefundable upfront payment is $400 million, with $350 million paid at transaction closing and an additional $50 million one year later. Up to $395 million in milestones may also be paid depending on development and approval stages.
Of the milestones, amounts related to Opakalim total up to $335 million. In addition, up to $60 million may be paid for other Kv7 activator compounds. Royalties will be paid on net sales once products launch.
The contract term runs until the latest of 10 years after product launch, patent expiration, or exclusivity expiration.
Biohaven will continue to conduct the ongoing clinical trials of Opakalim. However, SK Biopharmaceuticals will bear the related development expense. The transaction will close after contractual conditions precedent, including U.S. antitrust review, are satisfied.