Pharma BD Deal Intelligence
Dianthus Therapeutics, Inc. /DE/ / Nanjing Leads Biolabs Co., Ltd.
2025 · Licensing/Option · $1.0B · Complete
Dianthus Therapeutics licensed DNTH212 (LBL-047 in China) from Nanjing Leads Biolabs, a Phase 1-ready bifunctional fusion protein that targets plasmacytoid dendritic cell BDCA2 to reduce type 1 interferon production while simultaneously inhibiting BAFF/APRIL to suppress B-cell function. Dianthus pays $38 million upfront with up to $1 billion in total consideration tied to development and regulatory milestones, for exclusive rights outside Greater China. FDA cleared the IND in September 2025; a two-part Phase 1 in healthy volunteers and SLE patients was expected to begin by year-end 2025.
This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2030 at the earliest for this deal, once/if it closes.
Key facts
- Announced Oct 16, 2025
- Deal value $1.0B
- Deal type Licensing/Option
- Therapeutic area Immunology
- Indications Systemic lupus erythematosus and other severe autoimmune diseases
- Key assets DNTH212 (LBL-047)
- Mechanism Bifunctional BDCA2 and BAFF/APRIL inhibitor fusion protein
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More: 2025 deals · Immunology deals