Last Stop Biotech

Janux Therapeutics, based in San Diego, has entered into a collaboration with Bristol Myers Squibb to co-develop a tumor-activated therapeutic. This new therapy is for a widely expressed solid tumor antigen. Per the Jan. 22 announcement, Janux will handle the initial research before handing the reins to BMS for human testing and global distribution. The deal could be worth over $850 million for Janux, beginning with a $50 million upfront package and followed by significant milestone payments and royalties.

“This collaboration marks a significant milestone for Janux,” Janux CEO David Campbell said in ⁠a statement, adding that the ​partnership pairs the company’s technology ​with Bristol Myers’ development and commercialization capabilities.”

Janux CEO – David Campbell

About Janux Therapeutics

Janux is a clinical-stage biotech firm founded in 2017, is leveraging three proprietary platforms—TRACTr, TRACIr, and ARM—to build a diverse pipeline of next-generation immunotherapies. The company currently has two TRACTr candidates in clinical development:

PSMA-targeting candidate: Focused on treating prostate cancer.

EGFR-targeting candidate: Addressing multiple high-need indications, such as colorectal, pancreatic, renal, and non-small cell lung cancers.

Janux is currently advancing several key programs through its clinical pipeline:

• JANX007: A PSMA-targeting TRACTr currently in Phase 1 trials for metastatic castration-resistant prostate cancer (mCRPC).
• JANX008: An EGFR-targeting TRACTr in Phase 1 trials across various solid tumors, including colorectal, lung, pancreatic, and triple-negative breast cancers.
• Early-Stage Pipeline: The company is developing a PSMA-TRACIr (intended for use with JANX007), a TROP2-TRACTr for solid tumors, and a CD19-ARM candidate for autoimmune diseases.
• Expansion: Janux continues to leverage its TRACTr, TRACIr, and ARM platforms to generate additional therapeutic candidates for future development.

Looking Forward

T-cell engagers—antibody-based therapies that redirect T cells to destroy specific targets—command industry attention. Eli Lilly’s $865 million deal with Cartography Biosciences to identify tumor-selective antigens underscores the high stakes. Yet, BMS has struggled in this space, abruptly ending its collaboration with Immatics and halting development of its BCMA-targeting bispecific, alnuctamab.

These therapies struggle to treat solid tumors and frequently trigger cytokine release syndrome, an overactive immune response that can mandate lowered doses. Janux counters these challenges by “masking” its drugs to shield healthy tissue, potentially enabling broader dosing.

Janux’s platform first caught Merck & Co.’s attention six years ago, leading to a $500 million agreement to develop T-cell engagers. In the years since, Janux has transitioned to a public company and moved its lead prostate cancer candidate into early-stage trials. While the drug has shown clinical potential, it has also faced investor skepticism, leading to significant volatility in the company’s stock price.