Bristol Myers Squibb inked an alliance with Janux Therapeutics around Janux’s tumor‑activated T‑cell engager platform, committing $50 million up front and up to $800+ million in development and commercial milestones. The deal secures an exclusive worldwide license to develop a masked engager designed to activate in the tumor microenvironment. The agreement follows fresh early clinical data from Janux’s TRACTr platform that reportedly showed favorable safety and tumor activity signals in solid tumors. BMS views tumor‑activated modalities as a route to widen T‑cell engager application beyond hematologic cancers and to mitigate off‑tumor toxicity risks. What happened: Big‑pharma validated Janux’s approach with a sizeable collaboration and near‑term cash, accelerating Janux’s clinic programs and signaling continued industry interest in conditional activation biologics. Sources: Janux and Bristol Myers Squibb press releases; MedCity News and BioCentury coverage. Technical note: masked/masked‑activation strategies aim to reduce systemic T‑cell activation until engagement at tumor sites.