Janux Therapeutics has entered into a collaboration and exclusive licensing agreement with Bristol Myers Squibb (BMS) to develop a novel cancer therapy for solid tumours, in a deal worth up to $850 million, sending Janux shares up more than 12% in pre‑market trading.
The experimental therapy is intended to treat solid tumours — cancers that form masses in organs such as the lung, breast, colon and pancreas — and will target a tumour marker expressed across several cancer types, Janux said. Under the terms of the agreement, Janux may receive up to $50 million in upfront and near-term milestone payments, and is eligible for approximately $800 million more tied to development progress, regulatory approvals, and commercial sales, along with royalties on worldwide product sales if the drug reaches the market.
“This collaboration marks a significant milestone for Janux,” CEO David Campbell said in a statement, adding that the partnership combines the company’s tumour‑activated T‑cell engager technology with Bristol Myers’ global development and commercialisation capabilities. Janux will complete preclinical testing of the candidate, after which BMS will take over clinical development and global commercialisation, with Janux remaining actively involved through completion of the early‑stage study.
The deal further expands BMS’s oncology pipeline and validates Janux’s tumour‑activated platforms, which are designed to more selectively engage the immune system against cancers while limiting off‑tumour toxicity.
