NewsNovo
The case for Biohaven (NYSE: BHVN) and SK Biopharmaceuticals' global licensing deal is that it delivers $400 million in near-term, non-dilutive cash to New Haven-based Biohaven while handing opakalim to a commercial infrastructure Biohaven did not have to build.
The risk is that the deal's most valuable layer, tiered U.S. royalties in the mid-teens to low twenties on net sales of opakalim, sits entirely behind a binary clinical event.
Topline data from the RISE3 Phase 2/3 trial are not expected until the second half of 2026.
Under the terms announced August 26, SK Biopharmaceuticals receives an exclusive worldwide license to Biohaven's Kv7 ion channel platform and its lead candidate, opakalim (BHV-7000), a selective Kv7.2/7.3 potassium channel activator in Phase 2/3 development for focal epilepsy.
Keep reading