Bristol Myers Squibb struck a collaboration with Janux Therapeutics focused on a tumor-activated T‑cell engager for solid tumors, paying $50 million upfront and committing up to $850 million in total potential consideration. The agreement targets a solid‑tumor program with an undisclosed antigen and includes near-term cash and development support. The pact expands BMS’s immuno-oncology footprint into next‑generation T‑cell engager modalities and gives Janux resources to advance its lead program into clinical development. The structure—modest upfront plus sizable milestones—reflects big‑ticket pharma appetite for engineered cell‑engagement therapies in solid tumors.