This record is sourced from the companies' joint press release (Exhibit 99.1), furnished with Biohaven's 8-K on August 26, 2026. The filing describes this as a licensing and collaboration agreement rather than a sale of the company, and states that closing is contingent on completion of regulatory and antitrust review, including under the Hart-Scott-Rodino Antitrust Improvements Act.
J.P. Morgan Securities LLC is serving as exclusive financial advisor to Biohaven. Nomura Securities International, Inc. is serving as exclusive financial advisor to SK Biopharmaceuticals.
Sullivan & Cromwell LLP is serving as legal advisor to Biohaven. Paul Hastings LLP is serving as legal counsel to SK Biopharmaceuticals.
Under the agreement, SK Biopharmaceuticals will provide upfront and milestone payments related to the Kv7 platform of up to $795 million in aggregate, along with tiered royalties to Biohaven ranging from the mid-teens to low twenties percent on U.S. net sales of opakalim. Of that total, Biohaven will receive $400 million in near-term cash consideration ($350 million at closing and $50 million in 2027), plus up to an additional $150 million in development and regulatory milestones, with ex-U.S. royalties set at a mid-single digit rate. SK Biopharmaceuticals will also assume certain Biohaven obligations to Knopp Biosciences, including up to $185 million payable upon U.S. and EU approval plus a mid-single digit worldwide royalty, separate from its payments to Biohaven.
Not disclosed in this filing: a specific expected closing date beyond the regulatory contingency, the exact royalty percentages within the disclosed ranges, and financial details of SK Biopharmaceuticals' own balance sheet or funding source for the upfront payment.