Biohaven outlicensed global rights to opakalim—a Kv7-targeting small molecule— to SK Biopharmaceuticals, with non-dilutive financing attached to Biohaven’s continued pipeline development. The asset is in pivotal clinical testing for epilepsy, and SK Bio gains a pathway to pursue commercialization in the U.S. if later data support registration. The licensing structure indicates how developers are reallocating risk across late-stage programs while preserving upside for whichever party controls key regulatory and commercialization execution. For biotech deal desks, the transaction is a reminder that even late-stage epilepsy assets are being actively restructured to match regional capabilities, particularly around U.S. manufacturing, regulatory strategy, and payer contracting.