Janux Therapeutics has entered into a collaboration and licensing agreement with Bristol Myers Squibb (BMS) valued at up to USD 850 million for the development and commercialisation of a cancer drug candidate.

Under the agreement, Bristol Myers Squibb will receive exclusive worldwide rights to develop and commercialise the tumour-activated T cell engager candidate based on Janux’s TRACTr (Tumour Activated T Cell Engager) platform. The platform is designed to activate T cells selectively in the tumour microenvironment.

Janux will receive an upfront payment, along with development, regulatory and commercial milestone payments that could total up to USD 850 million. The company will also be eligible to receive tiered royalties on future sales of the product.

Bristol Myers Squibb will be responsible for late-stage clinical development, regulatory filings and global commercialisation, while Janux will continue to support early-stage research and development activities under the collaboration.

The transaction is subject to customary closing conditions.

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