Biohaven Licenses Epilepsy Candidate Opakalim for $795 Million
On August 26, Biohaven (NYSE:BHVN) and SK Biopharmaceuticals announced a global licensing agreement covering opakalim, Biohaven's lead epilepsy candidate. The deal is worth up to $795 million in upfront payments and milestones plus tiered royalties on U.S. net sales of the drug. Biohaven will receive $350 million at closing with an additional $50 million due in 2027. The licensing agreement includes SK Biopharmaceuticals taking over future costs for the Kv7 ion channel platform, including obligations from Knopp Biosciences. CEO Vlad Coric emphasized that this deal demonstrates Biohaven's ability to monetize its pipeline through partnerships rather than relying on public markets. Clinical data showed promising results in both idiopathic generalized and focal epilepsy trials. Despite the cash infusion, Biohaven remains a clinical-stage company with significant losses reported for Q2 2026. The pivotal RISE3 trial for opakalim is expected to report top-line results by late 2026 before regulatory approval can be sought.
Tickers: $BHVN
Topics: drug_development epilepsy partnership