08:31 AM EDT, 10/16/2025 (MT Newswires) -- Dianthus Therapeutics ( DNTH ) said Thursday it has entered into a licensing agreement with Nanjing Leads Biolabs for the rights outside greater China to DNTH212, a drug candidate to treat severe autoimmune diseases.

Under the terms, Dianthus will pay Leads Biolabs $30 million in upfront and near-term milestone payments plus an additional $8 million on the initiation of a Dianthus-led phase 1 study. Leads will also be eligible for up to $962 million in potential milestones plus tiered royalties, Dianthus said.

The investigational new drug application for DNTH212 was cleared by the Food and Drug Administration in September, with China clearance expected in Q4, the company said, adding that a phase 1 study is slated to start in Q4 with top-line results expected in H2 2026.

Dianthus said it will have pro forma cash of about $525 million following the licensing deal and it reaffirmed its guidance of a cash runway into 2028.

Dianthus shares were more than 5% higher in premarket trading.