Janux Unveils Development Candidate in Bristol Myers Squibb Partnership, Worth $35M Milestone

Janux Therapeutics has nominated a development candidate in its collaboration and licensing agreement with Bristol Myers Squibb (BMS).

Janux says its TRACTr platform identified a tumor-activated therapeutic targeting an undisclosed solid tumor antigen expressed in multiple cancer types. TRACTr is a backronym standing for ‘Tumor-Activated T-Cell Engager.’

How Janux Will Benefit from Nomination

The milestone triggers a $35 million payment to Janux from BMS. The two companies announced their exclusive agreement in January 2026. At that time, they said Janux would be entitled to up to $50 million in upfront and near-term milestone payments.

Janux is a clinical-stage biopharmaceutical company developing a broad pipeline of immunotherapies.

David Campbell, PhD, President and CEO of Janux, said the achievement reflects the potential of the company’s tumor-activated platforms.

“This milestone underscores the strength of our approach to generating value through both internal innovation and strategic partnerships,” Campbell said. “The nomination of a development candidate highlights our ability to translate platform insights into differentiated therapeutics in collaboration[s].”

Bristol Myers Squibb’s Subsequent Responsibilities

As specified when the Janux–BMS collaboration was first announced in January, Janux retains responsibility for conducting preclinical development. This applies up through Investigational New Drug (IND) submission. Subsequently, BMS will hold the IND and be responsible for further clinical development and global product commercialization.

However, Janux will remain involved by providing support to BMS through completion of the first Phase I clinical study.

“We are pleased to reach this important milestone with BMS,” said Janeen Doyle, Janux’s Chief Corporate and Business Development Officers. “Advancing a program to development candidate nomination represents a key step toward IND-enabling studies and clinical development.”

The two companies maintained that Janux is still eligible to receive further development, regulatory, and commercial milestone payments. The January 2026 partnership announcement capped that potential figure at approximately $800 million.

Janux may also receive tiered royalties on global product sales, under the terms of the agreement.