On October 8, 2026, Biohaven Ltd. entered into a Collaboration and License Agreement with Ono Pharmaceutical Co., Ltd. Under the terms of the agreement, Ono has secured an exclusive, royalty-bearing license to develop and commercialize Biohaven’s MoDE® pan IgG degrader portfolio in Japan, South Korea, Taiwan, and the Association of Southeast Asian Nations (ASEAN).
The licensed portfolio is led by BHV-1300 and includes next-generation follow-on degraders BHV-1310 and BHV-1320. Biohaven retains all rights to the portfolio outside of the licensed territory, including in the United States, Europe, and China.
Financial terms of the deal include a one-time, non-refundable upfront payment of $80 million, payable upon closing. Biohaven is also eligible to receive a second milestone payment of $20 million, contingent upon Ono’s receipt of specified stability test results and the company’s election to continue development and commercialization of the licensed compounds in the region.
Additionally, Ono will pay Biohaven royalties of approximately 20% on net sales of the licensed products in the licensed territory. Ono is responsible for the development, regulatory activities, and commercialization of the compounds in the region, while Biohaven will continue to conduct specified ongoing studies and development activities.
Biohaven’s lead candidate, BHV-1300, is an investigational small-molecule extracellular IgG degrader currently in Phase 3 development for Graves' disease. The company notes that BHV-1300 has demonstrated the ability to produce deep reductions in pathogenic autoantibodies and rapid normalization of thyroid hormones in clinical studies.
