Bristol Myers Squibb struck a collaboration and exclusive worldwide license with Janux Therapeutics to develop a tumor‑activated T‑cell engager, providing $50 million upfront and up to $800–850 million in milestones. The agreement covers a Janux program derived from its TRACTr platform, joining earlier industry deals as big pharma doubles down on engineered T‑cell engagers with tumor-restricted activation. The pact validates Janux’s masked engager strategy at a time when investors and partners are closely evaluating safety and on‑target activation profiles for T‑cell engagers in solid tumors. The deal structure ties near-term cash to longer-term development and commercial milestones, underscoring risk‑sharing for a modality with high clinical upside but notable translational challenges.