[Kim Saemi, Edaily Reporter] On Aug. 26, SK Biopharmaceuticals jumped 8.53% after announcing a licensing deal worth up to $795 million for its late-stage epilepsy drug candidate Opakalim, regaining the 90,000-won level following a recent pullback. Xcell Therapeutics Inc., meanwhile, briefly hit the daily upper limit on expectations that recombinant collagen could emerge as a new growth driver.

SK Biopharm Bets $795 Million on Opakalim

SK Biopharm closed at 91,600 won, up 8.53%, after rising as much as 12.32% intraday to 94,800 won, according to KG Zeroin’s MP DOCTOR.

The stock began climbing sharply around 11 a.m., shortly after the company announced a licensing agreement for Biohaven’s late-stage epilepsy candidate Opakalim, also known as BHV-7000. Trading volume surged to 597,598 shares, about 4.4 times the average of the previous 19 trading sessions.

SK Biopharm secured worldwide exclusive rights to Opakalim, follow-on Kv7 activators, and Biohaven’s Kv7 discovery platform for up to $795 million, or about 1.10 trillion won. The non-refundable upfront payment alone totals $400 million, or about 553.2 billion won, making it one of the largest ever for a licensing-in deal by a Korean pharmaceutical or biotech company.

At a press conference later that day, the company stated that the deal would help establish a multi-product direct-sales model in the U.S. It plans to leverage the sales organization and network of epilepsy specialists built around Xcopri to commercialize Opakalim without having to create a separate large-scale sales infrastructure.

Investors are also keeping an eye on Opakalim as a potential rival to Xenon Pharmaceuticals’ azetukalner, or XEN1101. Xenon is ahead in development, with azetukalner having met the primary endpoint in a Phase 3 focal-onset seizure trial in March and an FDA filing planned for the third quarter.

Opakalim is currently in the Phase 2/3 RISE2 and RISE3 trials, with topline data from RISE3 expected in the second half of the year. SK Biopharm believes the drug candidate could compete despite entering the market one to two years later, citing its potential tolerability advantage, including fewer central nervous system adverse events such as somnolence and dizziness.

The company is targeting a U.S. launch as early as 2029. The RISE3 results will be the first major test of whether its 553.2 billion won upfront investment can translate into a second U.S. direct-sales product following Xcopri and pose a credible challenge to Xenon.

Xcell Jumps 15% on Recombinant Collagen Push

Xcell closed at 1,316 won, up 15.44%. The stock briefly hit the daily upper limit of 1,482 won in early trading before paring gains.

The rally came as recombinant collagen emerged as a potential new revenue source. On August 25, the company announced an exclusive distribution agreement in Korea with China’s SHINYA BIO for Triple-Helix Structured Recombinant Human Collagen Type III.

The product uses Chinese hamster ovary (CHO) cells as an expression host to reproduce the triple-helix structure of human collagen. The company stated that no animal- or human-derived ingredients are used as raw materials in the cultivation and production process, helping to improve supply stability and product consistency compared to conventional collagen extracted directly from animal tissues.

Xcell plans to initially target cosmetics and aesthetic applications before expanding into other areas. CEO Lee Eui-il has set a target of more than 10 billion won in annual collagen-related sales by 2030.

The company expects higher margins than those from conventional distribution channels because the product is a high-value-added biomaterial. It also sees near-term revenue potential, as market demand is already established and expected to grow.

The deal further strengthens Xcell’s relationship with SHINYA BIO. In March, Xcell signed a $350,000 agreement with the Chinese company to supply exosome culture media. Under the expanded partnership, Xcell will supply its media to China, while SHINYA BIO will distribute its recombinant collagen in Korea, creating a cross-selling framework between the two companies.