Bristol Myers Squibb agreed to an up-to-$850 million collaboration with T‑cell engager company Janux Therapeutics focused on a tumor‑activated therapeutic, with $50 million payable immediately. The deal pairs BMS’s scale with Janux’s tumor‑activation engineering to advance novel T‑cell engager formats into solid tumor indications. The near‑term payment and structured milestones reflect a commonly used model for Big Pharma to de‑risk early‑stage immuno‑oncology assets while preserving upside for the smaller developer. The pact includes joint development and commercialization economics tied to clinical and regulatory milestones. Investors and developers will watch how the alliance structures clinical development, biomarker strategies, and tumor‑activation safety profiling—key determinants for T‑cell engager success in solid tumors. Source: company announcement detailed in the original report.