Janux Therapeutics entered into a collaboration and exclusive worldwide license agreement with Bristol Myers Squibb to develop an undisclosed novel tumor-activated therapeutic targeting validated solid tumor antigen that is expressed across multiple cancer types.¹

The agreement positions both companies to combine early-stage platform innovation with large-scale clinical development and commercialization capabilities, reflecting a growing trend in the industry.

“This collaboration marks a significant milestone for Janux, validating the strength of our tumor-activated platforms and expanding our reach in solid tumor oncology,” said David Campbell, Ph.D., president and chief executive officer of Janux. “By combining Janux’s innovative technology with Bristol Myers Squibb’s deep expertise in clinical development and global commercialization, we aim to accelerate the delivery of transformative therapies to patients with difficult-to-treat cancers.”

What are the details of the collaboration?

Per the terms of the collaboration agreement, Janux will be expected to complete preclinical development through an investigational new drug submission, while Bristol Myers Squibb will hold the investigational new drug application and assume responsibility for subsequent clinical development and global commercialization.¹ Janux is expected to remain involved through the completion of the initial Phase I clinical study and also support early clinical execution as the program transitions into human testing.

The financial structure of the agreement underscores the value placed on differentiated tumor-activated approaches, as Janux is eligible to receive upwards of $50 million in upfront and near-term milestone payments, with additional development, regulatory, and commercial milestones totaling up to approximately $800 million.

The company is also entitled to tiered royalties on global product sales if the program reaches the market. Such deal terms highlight continued pharmaceutical interest in next-generation immunotherapy platforms that seek to improve efficacy while reducing systemic toxicity.

Why did Janux and Bristol Myers Squibb form the collaboration?

The collaboration centers on Janux’s tumor-activated technology which includes Tumor Activated T Cell Engager (TRACTr), Tumor Activated Immunomodulator (TRACIr), and Adaptive Immune Response Modulator (ARM) platforms.¹ These platforms are designed to remain inactive in circulation and become activated primarily within the tumor microenvironment.¹

According to Janux, this approach addresses longstanding challenges in immuno-oncology, particularly safety limitations that have constrained broader use of potent immune-engaging therapies in solid tumors. By focusing activity at the tumor site, these technologies are intended to widen the therapeutic window and enable treatment of cancer types that have been difficult to target with earlier modalities.¹

Beyond the partnership with Bristol Myers Squibb, Janux is expected to continue advancing multiple clinical and preclinical assets across its platforms, as the company currently has two tumor-activated T cell engager candidates in Phase I clinical trials.¹ One of these programs targets prostate-specific membrane antigen and is currently being evaluated in prostate cancer, while the second program targets epidermal growth factor receptors and is being studied across several solid tumor indications, including colorectal carcinoma, squamous cell carcinoma of the head and neck, non-small cell lung cancer, renal cell carcinoma, small cell lung cancer, pancreatic ductal adenocarcinoma, and triple-negative breast cancer.¹

Sources

1. Janux Therapeutics Announces Collaboration and Exclusive Worldwide License Agreement with Bristol Myers Squibb to Develop a Novel Tumor-Activated Therapeutic for Solid Tumors Janux Therapeutics January 22, 2026 https://www.businesswire.com/news/home/20260122827394/en/Janux-Therapeutics-Announces-Collaboration-and-Exclusive-Worldwide-License-Agreement-with-Bristol-Myers-Squibb-to-Develop-a-Novel-Tumor-Activated-Therapeutic-for-Solid-Tumors