Core Insights - Janux Therapeutics (JANX) has entered a strategic collaboration and exclusive global license agreement with Bristol Myers Squibb (BMY) to develop tumor-activated therapies for solid tumors [2][4] - The partnership validates Janux's proprietary tumor-activated immunotherapy platforms and enhances its presence in the oncology sector [2][12] Financial Aspects - Janux is eligible for up to $50 million in upfront and near-term milestone payments, with potential additional milestones totaling approximately $800 million [5][9] - The deal allows Janux to leverage its platform expertise while transferring later-stage development risks to BMY, a large pharmaceutical partner [10] Development and Commercialization - Janux will lead preclinical development until the IND submission, after which BMY will assume responsibility for clinical development and global commercialization [6][10] - Janux will remain involved through the completion of the first phase I study, ensuring continuity in the development process [6] Clinical Pipeline - Janux currently has two tumor-activated T cell engagers in clinical development targeting prostate-specific membrane antigen (PSMA) and epidermal growth factor receptor (EGFR) across various solid tumors [11] - The collaboration with BMY serves as a validation of Janux's tumor-activated approach and enhances the credibility of its broader pipeline strategy [12]