Biohaven Licenses Three IgG Degraders To Ono For Four Asian Markets, With $80 Million Due At Closing
An 8-K shows up to $100 million in near-term payments plus royalties of approximately 20%, with Biohaven keeping US, European and Chinese rights.
Biohaven will receive up to $100 million in near-term payments from Japan's Ono Pharmaceutical under a license agreement dated October 8, according to an 8-K filed Thursday. The deal covers Biohaven's lead autoimmune drug candidate, BHV-1300, and two follow-ons in four Asian markets.
What the 8-K says
Ono gets an exclusive license to develop and sell the MoDE IgG degrader portfolio in Japan, South Korea, Taiwan and the ASEAN countries. The portfolio is led by BHV-1300 and includes BHV-1310 and BHV-1320. Biohaven keeps all rights elsewhere, including the United States, Europe and China.
The money: $80 million is due on closing, and $20 million more comes on a milestone. That milestone follows Ono's receipt of specified stability test results and depends on Ono electing to continue. Biohaven's press release anticipates the milestone within a year.
Ono also owes royalties of approximately 20% on net sales in the territory, subject to specified reductions and adjustments. The filing calls the upfront payment non-creditable and non-refundable.
What it changes
Ono pays for development, regulatory work and sales in its territory and must use commercially reasonable efforts. Biohaven keeps running specified ongoing studies, with Ono funding specified activities in the territory and sharing specified costs of global clinical studies.
The $20 million is not guaranteed. If Ono declines to continue after the stability results, the agreement terminates and that payment never becomes payable. Ono can also end the deal for convenience on specified prior written notice, in whole or product by product or country by country. The agreement restricts each side's work on competing IgG degraders and gives Ono a right of first negotiation on certain follow-on compounds in its territory.
BHV-1300 is in Phase 3 development for Graves' disease, the release says. Biohaven reported total IgG reductions of up to 87% in ongoing early-stage studies, with IgG3 spared. Tova Gardin, Biohaven's Chief Translational Officer, said the deal brings "meaningful non-dilutive capital." In April 2025, Biohaven secured funding of up to $600 million from Oberland Capital Management, according to Pharmaceutical Technology, which described it as non-dilutive capital.
BHVN closed at $11.43 on Thursday, before the filing was accepted at 5:18 p.m. ET.
Sources
- 8-K Filing — Biohaven Ltd. (BHVN) — SEC EDGAR
- Exhibit exhibit991-onopressrelease.htm — Biohaven Ltd. 8-K exhibit — SEC EDGAR
- Biohaven partners with Ono in $100m IgG degrader deal — pharmaceutical-technology.com
