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SK Biopharmaceuticals has signed a worldwide licensing agreement with Biohaven Bioscience Ireland, securing global rights to the epilepsy drug candidate Opakalim and a portfolio of related Kv7 activator compounds.
The South Korean pharmaceutical company disclosed the agreement in a regulatory filing on Wednesday, marking a significant expansion of its pipeline for neurological treatments. Under the deal, SK Biopharmaceuticals will also gain access to Biohaven Bioscience Ireland's Kv7 discovery platform, which could support the development of additional drug candidates targeting neurological disorders.
The licensing agreement carries a potential total value of $795 million. SK Biopharmaceuticals will make an upfront payment totaling $400 million, including $350 million payable when the transaction closes. A further $50 million payment is scheduled for one year after closing.
In addition to those payments, SK Biopharmaceuticals will pay Biohaven Bioscience Ireland royalties based on net sales of products covered by the agreement. The company did not disclose the royalty rates in its filing.
Opakalim is an epilepsy drug candidate based on Kv7 activation, a mechanism associated with regulating neuronal excitability. By acquiring worldwide rights to Opakalim and other Kv7 activators, SK Biopharmaceuticals is strengthening its focus on epilepsy and central nervous system treatments while adding a broader drug discovery platform to its portfolio.
The transaction also gives SK Biopharmaceuticals control over the future global development and commercialization opportunities associated with the licensed compounds.
SK Biopharmaceuticals has established epilepsy as a key area of its pharmaceutical business, and the Biohaven licensing deal adds another potential treatment to its development pipeline. The inclusion of multiple Kv7 activator compounds and the underlying discovery platform could also provide opportunities beyond Opakalim as the company evaluates additional neurological drug candidates.
If all potential payments under the agreement are reached, the deal could ultimately be worth as much as $795 million, excluding royalties tied to future product sales.
