SK Biopharmaceuticals announced on the 26th that it has signed an exclusive license agreement for the epilepsy drug candidate Opakalim (BHV-7000), other potassium channel (Kv7) activator compounds, and the Kv7 Discovery Platform. The contract counterparty is Ireland-based Biohaven Bioscience Ireland Limited.

Through this agreement, SK Biopharmaceuticals acquires an exclusive worldwide license for the compounds and platform.

The contract is valued at up to 1,099.5645 billion won ($795 million), equivalent to 156% of SK Biopharmaceuticals' 2025 consolidated revenue.

■ Upfront Payment of 553.2 Billion Won… Milestones Up to 546.3 Billion Won

The upfront payment is 553.24 billion won ($400 million). Upon closing of the transaction, $350 million will be paid first, with an additional $50 million to be paid one year after the closing date. There is no clawback right on the upfront payment.

Development and regulatory approval milestone payments total up to 546.3245 billion won ($395 million). Of this, milestones related to Opakalim (BHV-7000) amount to $335 million, while milestones related to other Kv7 activator compounds amount to $60 million. Milestone payments are made when conditions agreed upon by both parties are achieved. In addition, running royalties (royalties) will be paid based on tiers of net product sales.

■ Phase 2/3 Trials Underway… Counterparty to Continue Existing Clinical Trials

Opakalim is an epilepsy drug candidate being developed for partial-onset seizures through a potassium channel (Kv7) activation mechanism. Phase 2/3 trials RISE2 (NCT06132893) and RISE3 (NCT06309966) are currently underway.

To ensure continuity of development, the contract counterparty will continue to conduct ongoing clinical trials and related activities, with SK Biopharmaceuticals bearing the associated costs.

The contract term lasts until the latest of the following: 10 years after product launch, patent expiration, or expiration of regulatory exclusivity.

The won-denominated upfront and milestone amounts were calculated using the exchange rate of 1,383.10 won per dollar as of the 26th, the date of the board resolution.

■ Conditional Contract… Closing Upon Completion of HSR Review

This is a conditional contract. The closing date refers to the date on which the transaction is closed after contractual preconditions, including completion of review under the U.S. Hart-Scott-Rodino Antitrust Improvements Act (HSR Act), are fulfilled.

SK Biopharmaceuticals stated that expense recognition may vary depending on the success of clinical trials and product approvals. It explained that the contract could be terminated if regulators halt research and development or if product approval fails.