Bristol Myers Squibb struck an exclusive collaboration and license with Janux Therapeutics to develop a tumor‑activated therapeutic derived from Janux’s TRACTr platform, with up to $850 million in potential value and $50 million upfront. The partnership follows encouraging early data for Janux’s tumor‑activated T‑cell engager program and marks another major pharma commitment to conditional activation strategies. Janux will lead early clinical work while BMS provides development and commercialization expertise. Companies highlighted the tumor‑activated design aims to concentrate T‑cell engagement in the tumor microenvironment to improve safety and efficacy for solid tumors; the deal signals Big Pharma’s continued appetite for masked or tumor‑restricted biologics.