Bristol Myers Squibb struck a two-stage collaboration with Janux Therapeutics to develop tumor‑activated (masked) T‑cell engagers, providing $50 million upfront and potential payments pushing the deal value toward $850 million. The partnership marks another big‑pharma recommitment to T‑cell engager modalities and validates Janux’s tumor‑selective activation approach, which aims to reduce off‑tumor toxicity. Analysts flagged the deal as a vote of confidence in the platform amid investor scrutiny of engager safety and manufacturability.