Biohaven signs Ono deal worth up to $100 million

• Biohaven (NYSE:BHVN) signed an exclusive regional licensing agreement with Ono Pharmaceutical covering three IgG degrader candidates.
• Biohaven will receive $80 million upfront and could receive another $20 million milestone payment within about one year.
• The agreement covers Japan, South Korea, Taiwan and ASEAN countries, while Biohaven retains rights in other markets.

Biohaven (NYSE:BHVN) entered an exclusive regional licensing agreement with Ono Pharmaceutical covering its IgG degrader portfolio, with near-term payments of up to $100 million.

Biohaven will receive $80 million when the agreement takes effect and could receive a conditional $20 million milestone payment expected within one year of execution.

The license covers BHV-1300, BHV-1310 and BHV-1320 in Japan, South Korea, Taiwan and ASEAN countries, while Biohaven retains rights in markets including the United States, Europe and China.

Biohaven will also receive royalties of approximately 20% on Ono's net sales of licensed products within the covered territories.

BHV-1300 is currently in Phase 3 development for Graves' disease, and Biohaven said a Phase 1b study showed reductions in disease-related TSH receptor antibodies and improvements in thyroid hormone levels and symptoms.

BHV-1300 is an investigational small molecule designed to remove immunoglobulin G antibodies, including antibodies associated with autoimmune diseases such as Graves' disease.

The agreement gives Ono regional rights to Biohaven's three IgG degrader programs while leaving Biohaven responsible for its rights and potential development opportunities across markets outside the licensed territory.