Biuohaven (BHVN) and SK Biopharmaceuticals said Wednesday that they have reached a licensing and collaboration agreement for an investigational focal epilepsy treatment.

SK Biopharmaceuticals will gain exclusive global rights to the treatment and take over all future program costs, the companies said.

The agreement includes $350 million payable at closing and a $50 million payment due in 2027, along with $150 million in potential regulatory milestones, alongside tiered royalties on net sales.

The acquiring partner will assume $245 million in specific financial obligations tied to the drug platform.

Shares of Biohaven were up nearly 10% in Wednesday premarket activity.

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