Bristol Myers Squibb signed a collaboration and exclusive license with Janux Therapeutics, committing $50 million up front for access to Janux’s tumor‑activated T‑cell engager platform and a lead solid‑tumor program. The deal includes potential development, regulatory and commercial milestones that could push total value into the high hundreds of millions. Janux’s platform is designed to activate engagers selectively in the tumor microenvironment to limit systemic toxicity. BMS framed the pact as a renewed strategic bet on T‑cell engagers after prior industry challenges; Janux said the collaboration validates its TRACTr platform and accelerates clinical development with Big Pharma resources and expertise.