New Haven, Conn. – October 08, 2026 -- Biohaven Ltd. (NYSE: BHVN) has signed a licensing and collaboration agreement with Ono Pharmaceutical Co., Ltd. (TYO: 4528), granting Ono exclusive rights to develop and commercialize Biohaven's MoDE pan IgG degrader portfolio across Japan, South Korea, Taiwan, and ASEAN member states.
Biohaven secures up to $100 million in near-term payments from Ono
The deal includes $80 million paid at execution and a further $20 million tied to a milestone expected within a year. Biohaven will also receive royalties of approximately 20 percent on net sales generated by Ono within the licensed territory. Biohaven retains all rights to the portfolio outside this region, including the United States, Europe, and China.
Lead candidate BHV-1300 advances in Phase 3 for Graves' disease
BHV-1300, the lead asset in the licensed portfolio, is an investigational small-molecule extracellular IgG degrader currently in pivotal Phase 3 development for Graves' disease. In a Phase 1b study, the compound produced deep reductions in the pathogenic autoantibody targeting the TSH receptor, rapid normalization of free T3 and free T4 levels, and improved patient symptoms, while sparing IgG3 to preserve immune protection. In ongoing Phase 1 studies, subcutaneous administration of BHV-1300 achieved total IgG reductions of up to 87 percent with a favorable safety profile.
Agreement marks first regional deal for an extracellular protein degrader
The licensed portfolio also covers next-generation follow-on degraders BHV-1310 and BHV-1320. Biohaven Chairman and CEO Vlad Coric said Ono's track record in translating breakthrough science, including its role in defining modern cancer immunotherapy, made it an ideal partner for the Asian markets. Ono President and COO Toichi Takino said the collaboration strengthens the company's late-stage immunology and inflammation pipeline, with the goal of bringing a new Graves' disease therapeutic to patients in Japan, South Korea, Taiwan, and ASEAN countries.
Platform traces origins to Yale University chemistry
Biohaven's MoDE technology, which directs pathogenic proteins to the liver for degradation via the asialoglycoprotein receptor, originated in research from the Spiegel Lab at Yale University. J.P. Morgan Securities LLC served as exclusive financial advisor and Sullivan & Cromwell LLP as legal advisor to Biohaven on the transaction.