Biohaven Ltd. Announces Global License Agreement for Opakalim

What Happened
On August 26, 2026, Biohaven Ltd.’s wholly owned unit Biohaven Bioscience Ireland Limited (BBIL) entered into a License Agreement with SK Biopharmaceuticals Co., Ltd. (SKBP) granting an exclusive, royalty-bearing worldwide license to Biohaven’s Kv7 ion channel platform, led by opakalim (BHV-7000), an investigational Kv7.2/7.3 activator in Phase 2/3 for focal epilepsy. The transaction is subject to customary closing conditions, including required antitrust clearances. Biohaven also entered into a Conditional Assignment Agreement under which SKBP would assume certain contingent obligations under a prior Membership Interest Purchase Agreement (MIPA) upon closing. A press release announcing the deal was issued the same day.

Key Details

• Upfront payments: $400 million total (non-refundable/non-creditable) — $350M payable at closing and $50M payable one year after closing.
• Milestones & royalties: Up to $150M in one-time development/regulatory milestones to BBIL; U.S. royalties on opakalim and certain antiseizure products in the mid-teens to low-twenties, ex-U.S. royalties mid-single-digits; applicable royalty terms end at the later of 10 years after first sale, expiration of regulatory exclusivity, or expiration of the last relevant patent claim.
• Assignment obligations: Upon closing, SKBP will assume contingent milestone obligations under the MIPA of up to $245M (including $185M tied to U.S./EMA approval of opakalim and up to $60M tied to approvals of up to three other Kv7 products) plus a mid-single-digit royalty on worldwide Kv7 sales; these amounts are separate from SKBP’s payments to BBIL under the License Agreement.
• Development & commercialization: BBIL will continue specified ongoing development (including RISE 2 and RISE 3 trials) and NDA preparation/filing; SKBP will reimburse specified pre-closing costs, fund certain development plan costs, and must use commercially reasonable efforts to develop, seek approval, and commercialize opakalim in the U.S., Europe and Japan.

Why It Matters
This deal provides Biohaven with a significant non-dilutive cash infusion ($400M upfront) and potential future milestone and royalty revenue while shifting substantial development and commercialization responsibilities and costs for opakalim and the Kv7 platform to SKBP. For investors, key points to watch are regulatory and antitrust clearance timing, receipt of the upfront payments, milestone progression (including RISE trials and NDA filing), and how the separate assumed MIPA obligations affect future cash outflows if tied milestones are met. The agreement also preserves certain reversion and transition rights for BBIL in the event of termination, which affects long‑term IP and product control.