Dianthus Therapeutics Inc. announced it has entered into an exclusive licensing agreement with Nanjing Leads Biolabs Co., Ltd. for DNTH212, a bifunctional BDCA2 and BAFF/APRIL inhibitor. Under the terms of the agreement, Dianthus will pay Leads Biolabs up to $38 million, including $30 million in upfront and near-term milestone payments and an additional $8 million milestone upon initiation of a Dianthus-led Phase 1 study. Leads Biolabs is also eligible to receive up to $962 million in development, regulatory approval, and sales-based milestones, as well as tiered royalties on ex-Greater China net sales. Dianthus will hold exclusive rights to develop and commercialize DNTH212 globally outside of Greater China. The company estimates a pro forma cash balance of approximately $525 million following the transaction and reaffirms its cash runway into 2028.