Bristol Myers Squibb struck a collaboration with Janux Therapeutics to develop tumor‑activated T‑cell engagers, paying $50 million up front and creating up to ~$850 million in potential payments. The deal targets Janux’s masked engager technology designed to activate in the tumor microenvironment and reduce systemic toxicity. The alliance follows renewed pharma interest in tumor‑selective TCEs and validates Janux’s platform after positive early data. Big‑pharma pairing underscores continued appetite for next‑generation bispecifics that aim to expand immunotherapy to solid tumors while managing safety.