Bristol Myers Squibb struck a collaboration and exclusive license with Janux Therapeutics to develop tumor‑activated T‑cell engager therapies, paying roughly $50 million up front and potential milestones pushing the deal toward $850 million. The collaboration follows encouraging early data from Janux’s TRACTr platform and gives BMS access to a tumor‑masked engager approach intended to limit off‑tumor toxicity. Janux will continue advancing its TRACTr programs while leveraging BMS’s development and commercialization capabilities. Analysts and company statements described the pact as validation for tumor‑activated engager designs and as a sign of larger pharma firms doubling down on next‑generation bispecific and engager modalities despite the space’s clinical and translational challenges.