Biohaven (BHVN) said Thursday it entered into an exclusive licensing deal with Ono Pharmaceutical to develop and commercialize its antibody degrader portfolio in Japan, South Korea, Taiwan, and Southeast Asian countries.

The deal covers lead candidate BHV-1300 for treating Graves' disease, an autoimmune disease that targets the thyroid, alongside follow-on assets BHV-1310 and BHV-1320, the company said.

Biohaven will receive an $80 million upfront payment, up to $20 million in near-term milestones, and roughly 20% royalties on regional net sales, Biohaven said.

The company also said it retains full ownership of the portfolio in all other territories, including the US, Europe, and China.