On October 16, 2025, Dianthus Therapeutics announced an exclusive licensing agreement with Nanjing Leads Biolabs for its investigational bifunctional fusion protein DNTH212, a first‑in‑class BDCA2 and BAFF/APRIL inhibitor designed for severe autoimmune diseases. The deal grants Dianthus exclusive rights to develop and commercialize DNTH212 globally outside Greater China, while Leads Biolabs will pursue development in China. The transaction includes up to $38 million in payments, comprising $30 million in upfront and near‑term milestone payments and an additional $8 million milestone upon the initiation of a Dianthus‑led Phase 1 study.
The partnership adds a novel mechanism to Dianthus’s pipeline, complementing its lead candidate DNTH103 by targeting both innate and adaptive immune pathways. DNTH212’s dual‑target design offers potential advantages in efficacy and patient convenience, with a subcutaneous self‑administration route and infrequent dosing schedule. The exclusive arrangement positions Dianthus to address multiple severe autoimmune indications and enhances its competitive positioning in the complement‑inhibitor market.
Financially, the agreement will reduce Dianthus’s pro‑forma cash balance to approximately $525 million after the $30 million upfront payment. The deal provides additional capital to support ongoing clinical programs and opens potential revenue streams through milestone payments and royalties, strengthening the company’s long‑term value proposition.
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