Dimerix's (ASX:DXB) exclusive licensing agreement in Japan for its kidney disease drug candidate is a "positive surprise," presenting additional value for the firm in the region, according to a Thursday note from Euroz Hartleys.

Dimerix disclosed Tuesday that it entered into an exclusive development and license agreement worth a total of AU$107 million with Fuso Pharmaceutical Industries to develop and commercialize its drug candidate, DMX-200, to treat focal segmental glomerulosclerosis (FSGS) in Japan.

The Fuso licensing deal, Dimerix's third such deal, validates the ability of the firm's management to license across multiple territories, including in key markets like the US and Mainland China.

Collectively, these licensing deals provide the company up to AU$458 million in upfront and potential milestone payments, as well as royalties on net sales.

Importantly, Fuso, as a leading firm in the dialysis and renal/urology field, is well-positioned as an ideal partner for Dimerix in the region, the note said.

Euroz Hartleys maintained Dimerix's speculative buy rating while raising its price target to AU$1.06 from AU$0.91 per share.