Janux Therapeutics has entered into a global collaboration and exclusive licensing agreement with Bristol Myers Squibb to develop a novel cancer therapy for solid tumours. The partnership is valued at up to USD eight hundred fifty million, including upfront payments and development, regulatory, and commercial milestones.

Under the agreement, Janux will lead early research and preclinical development of the tumour-activated drug candidate through investigational new drug submission. Bristol Myers Squibb will then take over responsibility for clinical development, regulatory approvals, and global commercialisation. Janux will continue to support the programme through completion of the initial Phase One clinical study.

The deal includes an upfront payment and near-term milestones totalling up to USD fifty million, with additional milestone payments of up to approximately USD eight hundred million. Janux is also eligible to receive tiered royalties on global sales if the therapy reaches the market.

The drug candidate targets a validated antigen expressed across multiple solid tumour types and is based on Janux’s proprietary tumour-activated platform, designed to improve efficacy while reducing systemic toxicity. The collaboration strengthens Bristol Myers Squibb’s oncology pipeline and reflects continued industry interest in next-generation cancer therapies.