Bristol Myers Squibb hasn’t had much luck with its efforts to develop cancer treatments called T cell engagers. But the pharmaceutical company isn’t done pursuing this type of targeted cancer therapy, and it’s now turning to Janux Therapeutics to see if the biotech’s technology can yield a drug it can advance to the clinic.
Janux is tasked with developing a tumor-activated therapy that targets a validated solid tumor antigen. This target remains undisclosed, but the companies said it is expressed in several types of cancer. Under deal terms announced Thursday, BMS will pay up to $50 million in upfront and near-term milestone payments to begin the collaboration.
San Diego-based Janux develops a type of bispecific drug called a T cell engager. By binding to one target on a T cell and another target on a cancer cell, these drugs bring the two cells together to spark killing of the cancer cell. One problem with T cell engagers is that they can also hit targets on healthy tissue as they circulate throughout the body, causing toxicity. Janux addresses that problem with technology that activates the drug specifically at the site of a tumor.
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Janux has two technology platforms. Tumor Activate T Cell Engagers (TRACTr) produces T cell engagers that target CD3 on T cells; Tumor Activated Immunomodulators (TRACIr) produces bispecifics that target CD28. For both platforms, Janux’s drugs include a peptide “mask” that keeps the therapy from binding to a target until that mask comes off at the site of the tumor, triggered by enzymes found specifically in the tumor and not elsewhere in the body.
BMS had a T cell engager in its pipeline, alnuctamab. This drug, designed to target BCMA on multiple myeloma cells, came from the pharma company’s 2019 acquisition of Celgene. A 2024 portfolio prioritization ended this program. In 2021, BMS began a multi-target alliance with Immatics, a German company developing T cell engaging receptor therapies. Last year, BMS terminated this partnership.
The agreement with Janux makes the biotech responsible for preclinical development of a candidate up to the submission of an investigational new drug application. BMS will take over subsequent development and potential commercialization, but the companies said Janux will remain actively involved, supporting the program through completion of the first Phase 1 clinical study. Beyond the upfront cash consideration, Janux may receive up to $800 million in milestone payments plus royalties from sales of an approved product. In a prepared statement, Janux President and CEO David Campbell said the new alliance validates his company’s technology platforms and expands its reach in solid tumor oncology.
“By combining Janux’s innovative technology with Bristol Myers Squibb’s deep expertise in clinical development and global commercialization, we aim to accelerate the delivery of transformative therapies to patients with difficult-to-treat cancers,” Campbell said.
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Janux’s wholly owned drug candidates include JANX007, a PSMA- and CD3-targeting therapy in development for metastatic castration-resistant prostate cancer, and JANX008, an EGFR- and CD3-targeting drug in development for EGFR-positive solid tumors. Both programs are in early clinical development. Janux has also been collaborating with Merck since 2020. Targets remain undisclosed.
William Blair analyst Matt Phipps, who follows Janux, followed up with the company. In a research note, he said management gave no additional details on which platform will be used in the BMS partnership or whether the target is one that was already being studied by Janux or was brought forth by the pharma company. Nevertheless, Phipps said the BMS collaboration is further validation of the biotech’s tumor-activated technology.
“We believe repeated interest from large pharma reinforces the differentiation of Janux’s tumor-activated platform,” Phipps said. “However, the focus in 2026 clearly remains on clinical updates from expansion cohorts of JANX007, which will be key to regaining confidence in the program, as well as updates from JANX008 including potential dose-escalation data and selected tumors for dose expansion.”
Photo by Flickr user Bristol-Myers Squibb via a Creative Commons license