Two licensing agreements this week show biotech companies turning to partnerships and Newco structures to fund late-stage and preclinical assets without building out their own commercial infrastructure.

Biohaven licenses Kv7 ion channel platform to SK Biopharmaceuticals

Biohaven and SK Biopharmaceuticals entered a strategic global licensing and collaboration agreement under which SK Biopharmaceuticals is set to obtain an exclusive worldwide license to Biohaven's Kv7 ion channel platform.

The platform is led by opakalim (BHV-7000), a next-generation, selective Kv7.2/7.3 potassium channel activator in Phase II/III development for focal epilepsy, with it’s topline results from the Rise3 trial expected in the second half of 2026.¹

Under terms of the agreement, SK Biopharmaceuticals is expected to make upfront and milestone payments upwards of $795 million related to the Kv7 platform, along with tiered royalties to Biohaven ranging from the mid-teens to low twenties on U.S. net sales of opakalim.¹ Biohaven will also receive $400 million in cash consideration, consisting of $350 million payable at closing and an additional $50 million payable in 2027, along with eligibility for up to $150 million in additional development and regulatory milestone payments plus mid-single digit royalties on global net sales of opakalim outside the U.S.¹

As part of the deal, SK Biopharmaceuticals will assume responsibility for Kv7 program costs going forward, including certain specified Knopp Biosciences and future Kv7 milestone obligations totaling up to $245 million and mid-single digit royalty obligations to Knopp Biosciences.¹ Closing is contingent on completion of regulatory and antitrust review, including under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, along with other customary closing conditions.

Following closing, the companies are expected to collaborate to advance opakalim through development and FDA approval, combining Biohaven's Kv7 platform with SK Biopharmaceuticals' global development and regulatory capabilities and its commercial track record in antiseizure medicines.¹

"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," said Vlad Coric, M.D., chairman and chief executive officer of Biohaven. "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. SK Biopharmaceuticals is an ideal partner having launched Xcopri and is the only company to bring a new antiseizure medicine for partial-onset (focal) seizures to patients in the U.S. since 2016. Pairing our scientific innovation with SK Biopharmaceuticals' established epilepsy development and commercialization expertise gives opakalim, if approved, its fastest and strongest path to patients worldwide. This partnership also brings $400 million in near-term, non-dilutive capital to Biohaven while preserving substantial long-term upside for our shareholders."

Haisco licenses preclinical immunology asset to Sentivera

Haisco Pharmaceutical Group entered into an exclusive licensing agreement with Sentivera, a new U.S. venture founded by Population Health Partners and ARCH Venture Partners, granting Sentivera the rights to develop, manufacture and commercialize Haisco's independently developed preclinical innovative drug globally, excluding Greater China.²

In total, the deal value reaches over $1.5 billion, including an upfront payment and equity consideration in the new venture totaling $75.89 million, up to $1.46 billion in development, regulatory and commercial milestone payments, and tiered royalties ranging from mid-single digits to low double digits on post-launch net sales.²

The asset, a core immunology program at Haisco, inhibits the development and progression of type 2 inflammatory diseases and received China IND approval this month. Preclinical studies have demonstrated that the asset exhibits strong anti-inflammatory activity with a favorable safety profile. Haisco says the collaboration is highly aligned with its international strategy and is expected to generate sustainable cash flow and long-term investment returns. Unlike a traditional license-out collaboration model, the transaction adopts a Newco partnership structure, something the company says enables deeper strategic alignment and shared growth with Sentivera and its investors.²

Sources

1. Biohaven and SK Biopharmaceuticals Enter into Strategic Global Licensing Agreement for Novel Kv7 Ion Channel Platform and Opakalim, Lead Candidate for Epilepsy Bio Haven August 26, 2026, https://www.prnewswire.com/news-releases/biohaven-and-sk-biopharmaceuticals-enter-into-strategic-global-licensing-agreement-for-novel-kv7-ion-channel-platform-and-opakalim-lead-candidate-for-epilepsy-302860299.html
2. Haisco enters into Exclusive License Agreement with new US venture founded by Population Health Partners and ARCH Venture Partners Haisco Pharmaceutical Group August 25, 2026, https://www.prnewswire.com/news-releases/haisco-enters-into-exclusive-license-agreement-with-new-us-venture-founded-by-population-health-partners-and-arch-venture-partners-302859307.html