Janux Therapeutics entered an exclusive collaboration and licensing agreement with Bristol Myers Squibb to develop tumor‑activated therapeutics derived from Janux’s TRACTr platform. Financial terms include a near-term $50 million upfront payment and up to $800M–$850M in potential milestones, the companies reported. The deal gives BMS access to Janux’s tumor‑activated T cell engager approaches designed to minimize systemic toxicity by activating selectively in the tumor microenvironment.