Pharma BD Deal Intelligence
Bristol-Myers Squibb Company / Janux Therapeutics
2026 · Licensing/Option · $850M · Complete
Janux Therapeutics entered a collaboration and exclusive worldwide licence agreement with Bristol Myers Squibb to develop a novel, undisclosed tumor-activated therapeutic directed at a validated solid-tumor antigen expressed across several human cancer types. Janux completes preclinical work through IND submission and supports development through completion of Phase 1, after which BMS holds the IND and leads development and commercialization. Janux is eligible for up to US$50 million in upfront and near-term milestone payments plus approximately US$800 million in development, regulatory and commercial milestones and tiered royalties on global sales.
This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2031 at the earliest for this deal, once/if it closes.
Key facts
- Announced Jan 22, 2026
- Deal value $850M
- Deal type Licensing/Option
- Therapeutic area Oncology
- Indications Solid tumors
- Key assets Undisclosed novel tumor-activated therapeutic against a validated solid-tumor antigen, built on Janux's tumor-activated platform
- Mechanism Tumor-activated therapeutic directed at a validated solid-tumor antigen expressed across multiple human cancer types
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More: 2026 deals · Bristol-Myers Squibb Company deals · Oncology deals