Seoul: SK Biopharmaceuticals Co., a pharmaceutical affiliate of South Korea's SK Group, announced in a regulatory filing Wednesday that it has secured a "licensing-in" agreement valued at approximately 1.9 trillion won (US$795 million) for an epilepsy drug candidate with a U.S. company.

According to Yonhap News Agency, under the terms of the agreement, SK Biopharm will obtain exclusive licenses for Opakalim and the Kv7 potassium channel activator compound from Biohaven Bioscience Ireland Ltd. The deal involves an upfront payment of 553.2 billion won, with the remaining sum to be paid in phases following the closure of the deal.

The contract terms are set to last for 10 years after the product's launch or until the expiration of the patent or exclusive licensing rights, as stated in the filing.