The transaction grants Ono exclusive development and commercialisation rights for drug candidates BHV-1300, BHV-1310, and BHV-1320 across the Association of Southeast Asian Nations (ASEAN) countries, Taiwan, South Korea, and Japan.
The financial consideration includes an initial payment of $80m at closing alongside a $20m milestone payment anticipated within 12 months.
Biohaven is also eligible to receive royalties of around 20% on net product sales generated within the licensed territory.
The company retains all rights to the MoDE IgG degrader assets across all other international markets, including China, Europe, and the US.
The partnered assets target IgG-mediated autoimmune disorders. The principal candidate, BHV-1300, is an investigational small-molecule degrader currently under evaluation in a pivotal Phase III clinical study for Graves’ disease.
In ongoing Phase I testing administered subcutaneously, the compound achieved reductions in total IgG of up to 87% while sparing IgG3. The agreement also incorporates next-generation follow-on degraders BHV-1310 and BHV-1320.
Biohaven chairman and CEO Vlad Coric said: “Ono will be the ideal partner to bring this innovative immune-modulating technology to patients across Japan and key Asian markets.
“This is the first regional collaboration for an extracellular protein degrader, and it validates a platform that began with pioneering chemistry from the Spiegel Lab at Yale University and now spans a broad and diverse portfolio of MoDE and TRAP degraders.
“Few companies in the world can match Ono’s innovation in drug development or its demonstrated ability to translate breakthrough science into transformative therapies, as it did in helping to define modern cancer immunotherapy. We are excited for an outstanding collaboration to accelerate new therapeutics to patients.”
The underlying MoDE degrader platform originated from scientific research at Yale University. For this transaction, J.P. Morgan Securities acted as exclusive financial advisor to Biohaven, and Sullivan & Cromwell served as legal advisor.
In April 2025, Biohaven secured a funding deal worth up to $600m from Oberland Capital Management, providing the biotech with non-dilutive capital as it prepares for a potential US launch of troriluzole for spinocerebellar ataxia (SCA).