[Edaily Reporter Kim Hyung-il ] Hana Securities assessed that SK BIOPHARMACEUTICALS(326030)has secured a new drug candidate for epilepsy, thereby establishing a growth engine following Excofry. The firm maintained its “Buy (BUY)” rating and raised the target price from 150,000 won to 160,000 won.

On the 26th, Kim Sun-ah, an analyst at Hana Securities, highlighted that SK BIOPHARMACEUTICALS had signed an agreement with Biohaven to license Opakalim (BHV-7000), a new drug candidate for epilepsy. Opakalim is a compound that selectively activates potassium channels (Kv7), and two Phase 2/3 clinical trials are currently underway.

For the RISE-3 trial, which has completed patient enrollment, the announcement of key results from the 75 mg high-dose group is scheduled for the second half of this year. The report projected that if SK BIOPHARMACEUTICALS’s first clinical results at the end of this year confirm superiority over Zynovant’s competing candidate, Azetukalner, SK BIOPHARMACEUTICALS’s valuation metrics could rise.

The report also noted that this agreement helps mitigate medium- to long-term uncertainty stemming from the expiration of Exkofri’s U.S. substance patent. Exkofri’s U.S. substance patent is set to expire in October 2032.

Furthermore, analysts assessed that since Xynovant—which is developing Azetukalner, a competing candidate—is expected to file for U.S. Food and Drug Administration (FDA) approval in the second half of this year and begin sales by the end of next year, SK Biopharm is now positioned to counter this competition through the introduction of Opakalim.

The total contract value is $795 million (approximately 1.1018 trillion won), with an upfront payment of $400 million (approximately 554.4 billion won). The structure calls for the payment of $350 million of the upfront payment, followed by an additional $50 million one year later. Hana Securities assessed that acquiring a candidate drug in the Phase 2 and 3 clinical trial stages for approximately 1 trillion won is a reasonable valuation, considering its development history and SK BIOPHARMACEUTICALS’ distribution network capabilities in the U.S.

Hana Securities estimated the value of Opakalim as a new drug at 3.2199 trillion won. Since the firm had already anticipated the introduction of a second product, this agreement led to a 10,000-won upward revision of the target stock price. The existing enterprise value was maintained, and the value of Opakalim was reflected in the assessment.

Analyst Kim projected that after Opakalim’s clinical results are sequentially validated and a New Drug Application (NDA) is filed, approval and sales could begin in 2029. He anticipated that the first clinical results would be available by the end of this year, with the remaining results expected in early 2028.