Biohaven is selling rights to its most advanced experimental medicine — the focal epilepsy drug Opakalim — to South Korea’s SK Biopharmaceuticals in a deal worth up to $795 million, a move driven by the biotech’s need for cash.
The structure includes $350 million upfront, $50 million in 2027, up to $150 million in development and regulatory milestones, up to $245 million in obligations transferred from a previous owner (Knopp Biosciences), and mid-teens to low-twenties royalties if the drug is approved. Biohaven effectively trades cash now for future upside while handing development risk to SK, which gains a Kv7 ion-channel drug platform.
Why Biohaven did it
The company faced “a dwindling bank account after a series of research setbacks,” including failures in depression, rare disease and spinal muscular atrophy programs, and needed non-dilutive financing. CEO Vlad Coric said the deal provides capital “while preserving substantial long-term upside.”
Why it matters
Opakalim’s pivotal Rise3 trial results are expected before year-end — which is what makes the timing striking. One analyst called it “a fairly surprising deal,” given Biohaven parted with its most mature asset before those results. It’s a window into how cash pressure is reshaping biotech dealmaking: even a company’s best program can become a financing lever when the runway shortens.