SK Biopharmaceuticals agreed to a worldwide exclusive license with Biohaven for late-stage epilepsy candidate Opakalim (BHV-7000), related Kv7 activator compounds and the Kv7 discovery platform in a package worth up to $795 million, or about 1.1 trillion won, including a $400 million upfront payment and up to $395 million in milestones plus royalties—the largest overseas drug-candidate in-licensing deal by a Korean pharmaceutical or biotech company. Cenobamate (XCOPRI), which generates about 90% of SK’s sales, faces core U.S. patent expiry in 2032, and management frames Opakalim, now in global Phase 2/3 trials for adult partial-onset seizures, as a next-generation growth driver with first topline results targeted by year-end, further data in 2028 and a U.S. launch as early as 2029, to be sold through SK Life Science’s existing neurology network. Samsung Securities said cenobamate’s roughly 20% seizure-freedom rate fits refractory and severe epilepsy while Opakalim’s lighter dose-titration profile suits earlier-stage and milder cases, enabling expansion rather than cannibalization; the firm raised its target price 7.7% to 140,000 won from 130,000 won, maintained a buy rating and valued Opakalim at 1.7853 trillion won applying an 80% probability of clinical success. Separately, a Delaware jury awarded Biohaven and Yale University a combined $4 million for willful misappropriation of Yale’s MODA platform.