Biohaven to Buy SK Biopharm's Kv7 Assets in $795 Million Deal
The clinical-stage biopharmaceutical company will pair its opakalim program with SK's epilepsy commercial platform.
Biohaven Ltd. (BHVN) agreed to acquire SK Biopharmaceuticals Co., Ltd.'s Kv7 platform in an asset-purchase deal with upfront and milestone payments of up to $795 million, pairing its wholly owned epilepsy program with an established commercial infrastructure.
Cash consideration totals $400 million, of which $350 million is payable at closing and $50 million is payable in 2027. The remaining value is tied to milestones related to the Kv7 platform. Closing is contingent on review under applicable regulatory and antitrust laws, including the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in the United States, and other customary conditions.
The structure gives opakalim, Biohaven's selective Kv7.2/7.3 activator, a path to patients without the company building its own capital-intensive commercial operation. The agreement pairs Biohaven's innovative Kv7 platform with SK Biopharmaceuticals' proven epilepsy commercial platform.
Opakalim is in Phase 2/3 studies for focal epilepsy. In May, Biohaven reported that in a randomized, placebo-controlled time-to-event trial in idiopathic generalized epilepsy, the median time to the second day with a generalized tonic-clonic seizure was 141 days in the opakalim 75 mg once-daily group versus 47 days in placebo. In an ongoing open-label extension in focal epilepsy, 54% of patients on opakalim 75 mg once-daily achieved a 50% or greater reduction in seizure frequency over any consecutive six months versus pre-randomization baseline. Biohaven is on track to receive top-line results in the second half of 2026 from the first of two pivotal Phase 2/3 randomized, double-blind, placebo-controlled studies in refractory focal epilepsy to support registration.
Vlad Coric, M.D., Chairman and Chief Executive Officer of Biohaven, commented, “This is a landmark partnership that has the potential to deliver a novel treatment for millions of patients with epilepsy who still need better seizure control without exacerbating CNS adverse effects. Opakalim is one of the most exciting assets we have advanced; a selective Kv7.2/7.3 activator designed to deliver meaningful efficacy without the burdensome central nervous system side effects, including sedation and dizziness, associated with so many antiseizure medicines.”
Epilepsy affects 13.5 million people in the United States and accounts for $24.5 billion in annual direct U.S. health-care spending. Opakalim is positioned as a once-daily oral treatment that selectively activates Kv7.2/7.3 channels without GABA receptor activity.
Biohaven's pipeline also includes programs in oncology, inflammation and immunology, and obesity, with opakalim among more than six clinical-stage trials expected in 2026.
The deal's next step is completion of HSR and other customary closing conditions.