SK Biopharmaceuticals secured global rights to opakalim, a Kv7-targeting small molecule in pivotal epilepsy testing, under a licensing deal with Biohaven. Biohaven will receive non-dilutive financing tied to the arrangement while SK Bio gains another U.S. commercialization path for a late-stage neurology program. The agreement signals continued consolidation of late-stage epilepsy assets as developers compete to expand beyond existing treatment classes. For the companies involved, the deal is structured to keep the development clock moving toward potential regulatory milestones. The transaction also reflects the ongoing value of targeted small molecules in epilepsy, where mechanism differentiation remains a key investment thesis.