Bristol Myers Squibb agreed an exclusive collaboration and licensing deal with Janux Therapeutics for a tumor‑activated T‑cell engager program, paying $50 million up front with potential development, regulatory and commercial milestones that could push the total to roughly $850 million. The agreement secures Janux access to BMS’s development and commercialization capacity while giving BMS exposure to Janux’s masked engager platform. Company statements and filings emphasize the tumor‑activated design—intended to restrict effector activation to the tumor microenvironment—to widen the therapeutic window for T‑cell engagers in solid tumors. Analysts see the deal as further validation of localized activation strategies but note the space still faces competition and technical risk.