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Non-dilutive cash improves BHVN's balance sheet; milestone upside and royalties provide optionality; a potential near-term catalyst from RISE3 results; leverages SK's commercial capabilities to de-risk Opakalim's path.
What happened, with direct paths to the underlying reporting
Biohaven and SK Biopharmaceuticals announced a global licensing deal granting SK an exclusive worldwide license to Biohaven's Kv7 platform led by opakalim. The agreement delivers up to $795 million in upfront and milestone payments and tiered US royalties, providing non-dilutive capital while preserving long-term upside. RISE3 topline results due in 2H 2026 could serve as a near-term catalyst.
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