SK Biopharm has entered into a partnership with Biohaven to acquire a clinical-stage epilepsy drug candidate and related drug development platform. The deal is valued at up to $795 million.
On August 26, SK Biopharm announced that it signed a global exclusive licensing agreement with Biohaven for the epilepsy drug candidate Opakalim (BHV-7000), other Kv7 potassium channel activator compounds, and the Kv7 drug development platform.
Opakalim is being developed for patients with partial seizures (focal epilepsy). It works by activating the Kv7 potassium channels, which regulate neuronal excitability. Clinical trials, including RISE2 and RISE3, are currently underway, with topline results from RISE3 expected to be released in the second half of this year.
The contract is valued at up to $795 million, including a non-refundable upfront payment of $400 million. This payment consists of $350 million upon closing the deal and an additional $50 million one year later. There are also potential milestone payments of up to $395 million based on development and regulatory approvals, with up to $335 million related to Opakalim. Additionally, payments of up to $60 million may be made for other Kv7 activator compounds.
The agreement will last for 10 years after product launch or until the expiration of the patent or exclusivity rights, whichever is later.
Meanwhile, SK Biopharm reported record quarterly results for the second quarter, with consolidated sales of 247.4 billion won and an operating profit of 97.1 billion won, driven by strong sales of its flagship epilepsy drug, Xcopri (cenobamate), in the U.S.
* This article has been translated by AI.
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