Biohaven licenses IgG degrader portfolio to Ono Pharma for Asian markets

Biohaven Ltd. disclosed in an 8-K filed October 15, 2026 that on October 8, 2026 it entered a Collaboration and License Agreement with Ono Pharmaceutical Co., Ltd. Under the deal, the company granted Ono an exclusive, royalty-bearing license, with the right to grant sublicenses, to develop and commercialize Biohaven's MoDE pan IgG degrader portfolio, led by BHV-1300 and including next-generation follow-on degraders BHV-1310 and BHV-1320, in Japan, South Korea, Taiwan and the ASEAN countries.¹ Biohaven retains all rights to the portfolio outside that licensed territory, including in the United States, Europe and China.¹

On payment terms, Ono will pay a one-time, non-creditable, non-refundable upfront of $80 million at closing, plus another $20 million tied to a milestone following Ono's receipt of specified stability test results and contingent on Ono electing to continue the program.¹ If Ono declines to continue after seeing those stability results, the agreement terminates and the milestone payment is not triggered.¹ Ono will also pay royalties of approximately 20% on net sales of licensed products in the territory, subject to specified reductions.¹

Ono is generally responsible, at its own expense, for development, regulatory work and commercialization of the licensed products in the territory and must use commercially reasonable efforts.¹ Biohaven will keep running certain ongoing studies, with Ono funding specified territory-based activities and sharing costs of global trials.¹

BHV-1300 is described in the release as an investigational small-molecule IgG degrader in Phase 3 development for Graves' disease, with potential application across IgG-mediated autoimmune diseases.¹ In an earlier Phase 1b study in Graves' disease patients, the drug lowered the pathogenic TSH receptor autoantibody, normalized free T3 and free T4 quickly, improved patient symptoms, spared IgG3, and was given via a patient-friendly autoinjector.¹