Biohaven Ltd. (NYSE:BHVN) scored two major wins this week. The company signed a lucrative licensing agreement with SK Biopharmaceuticals Co. Ltd. and secured a legal victory alongside Yale University in a trade-secret dispute.
SK Biopharmaceuticals Licenses Kv7 Platform
On Wednesday, SK Biopharmaceuticals acquired an exclusive global license for Biohaven’s Kv7 ion channel platform.
The platform includes opakalim, an experimental epilepsy treatment in late-stage clinical trials. Biohaven expects pivotal data later this year.
Under the agreement, Biohaven could receive up to $795 million. That includes $350 million in upfront cash at closing and another $50 million in 2027. Biohaven is also eligible for $150 million in regulatory and development milestone payments, plus tiered royalties on global sales.
SK Biopharmaceuticals will fund all future Kv7 program costs. It will also assume certain obligations to Knopp Biosciences totaling up to $245 million.
Court Awards Biohaven And Yale $4 Million
On Tuesday, a Delaware federal court entered judgment in favor of Biohaven and Yale in their case against Avilar Therapeutics Inc. and RA Capital Management GP LLC.
The court awarded the plaintiffs a combined $4 million after a jury found that the defendants willfully and maliciously misappropriated trade secrets.
The dispute centered on Yale’s MODA targeted protein degradation platform, developed by professor David Spiegel.
The jury found that RA Capital breached a 2019 confidentiality agreement after evaluating the technology for a possible investment. The plaintiffs alleged that the firm instead used confidential information to develop a competing program through Avilar.
Yale will receive $2 million for the contract breach. Yale and Biohaven will each receive another $1 million for trade-secret misappropriation.
William Blair Seeks More Clinical Data
William Blair said Wednesday that Biohaven shares could be significantly undervalued if its clinical programs succeed. However, the firm said it needs more controlled clinical data and currently views the stock as fairly valued on a probability-adjusted basis.
Analyst Myles Minter reiterated a Market Perform rating. He said placebo-controlled results from Biohaven’s priority assets over the next six to 12 months could support a more constructive outlook.
BHVN Stock Price Activity: Biohaven shares were up 12.97% at $16.24 at the time of publication Wednesday, according to Benzinga Pro.
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