Bristol Myers Squibb signed an exclusive collaboration and license with Janux Therapeutics to develop tumor‑activated T‑cell engagers, providing $50 million upfront and up to $800+ million in milestones. Janux’s TRACTr platform specializes in masked engagers designed to activate in the tumor microenvironment, a strategy intended to reduce systemic toxicity. The deal follows similar pharma interest in next‑generation T‑cell engager formats and underscores an industry move to fund platforms that aim to broaden solid‑tumor immunotherapy reach.