SK Biopharmaceuticals与Biohaven签署Opakalim/Kv7平台全球独家许可协议（总对价7.95亿美元）——该事件已于8月26日首次披露并被处理

SK Biopharmaceuticals (326030) is expected to reduce its heavy reliance on cenobamate through Opakalim (BHV-7000), a newly licensed epilepsy drug candidate, analysts said. The company can broaden its product lineup in the epilepsy treatment market by tapping its existing U.S. sales network.
SK Biopharmaceuticals recently signed a global exclusive license agreement with Biohaven Bio-Sciences Ireland covering Opakalim (BHV-7000), other potassium channel (Kv7) activator compounds and the Kv7 Discovery Platform, according to industry sources on the 28th. The deal is worth up to $795 million (about 1.1 trillion won), consisting of a $400 million upfront payment and $395 million in milestone payments. Running royalties based on sales after commercialization will be paid separately.
Samsung Securities said cenobamate targets patients with refractory and severe epilepsy on the strength of a roughly 20% seizure-freedom rate, while Opakalim, which requires less gradual dose titration, is likely to be used for early-stage and mild cases. Because the two drugs target different patient groups, the company can expand the scope of its epilepsy business rather than cannibalize existing product sales. Samsung Securities raised its target price for SK Biopharmaceuticals by 7.7% to 140,000 won from 130,000 won and maintained a buy rating.
SK Biopharmaceuticals aims to secure the first topline results from an ongoing global Phase 2/3 trial in adults with partial-onset seizures by the end of this year, release a second set of trial results in 2028 and launch the drug in the U.S. market as early as 2029. Samsung Securities valued Opakalim at 1.7853 trillion won, applying an 80% probability of clinical success.
"This licensing deal lowers the structural risk from dependence on a single product, cenobamate, and diversifies growth drivers," said Suh Keun-hee, an analyst at Samsung Securities. "By leveraging cenobamate's prescription base, sales network and relationships with physicians, the company can pursue a generational shift rather than self-cannibalization."