Biohaven Licenses Kv7 Ion Channel Platform and Opakalim Epilepsy Candidate to SK Biopharmaceuticals for Up to $795 Million
Biohaven Ltd. (NYSE: BHVN) on Wednesday August 26, 2026 signed an exclusive, royalty-bearing worldwide license with SK Biopharmaceuticals for its Kv7 ion channel platform led by opakalim (BHV-7000, a selective Kv7.2/7.3 potassium channel activator in Phase 2/3 for focal epilepsy). Deal terms: upfront and milestone payments up to $795 million plus tiered royalties from the mid-teens to low twenties on U.S. net sales of opakalim, with SK Biopharmaceuticals responsible for development, regulatory filings, and commercialization in the United States, Europe, and Japan. The Phase 2/3 RISE3 trial for opakalim is ongoing with topline data expected in H2 2026. Biohaven shares jumped roughly 13% on the announcement. Opakalim is a small-molecule ion channel activator and not a peptide; the deal is included here because it is one of the largest neuroscience licensing transactions of the year and continues the pattern of Korean pharma partners (SK, Hanmi, Yuhan) becoming serious in-licensing counterparties for U.S. biotechs seeking non-dilutive capital.