Janux Therapeutics (NASDAQ:JANX) shares rose about 12% on Thursday after the clinical-stage biotech announced a collaboration and exclusive global licensing deal with Bristol Myers Squibb (NYSE:BMY).
The agreement centres on the development of a previously undisclosed tumor-activated therapy aimed at a well-validated solid-tumor antigen found across multiple cancer types. Under the terms, Janux will be responsible for advancing the programme through preclinical development and up to the submission of an investigational new drug (IND) application. Bristol Myers Squibb will then take ownership of the IND and lead all subsequent clinical development and worldwide commercialization.
Janux is eligible to receive up to $50 million in upfront and near-term milestone payments, with the potential for a further roughly $800 million tied to development, regulatory and commercial milestones. The deal also includes tiered royalties on global sales of any resulting product.
“This collaboration marks a significant milestone for Janux, validating the strength of our tumor-activated platforms and expanding our reach in solid tumor oncology,” said David Campbell, President and CEO of Janux.
Janux said it will continue to play an active role in the programme, supporting Bristol Myers Squibb through completion of the initial Phase 1 clinical trial. The collaboration draws on Janux’s proprietary technology platforms, including its Tumor Activated T Cell Engager, Tumor Activated Immunomodulator and Adaptive Immune Response Modulator systems.