BMS Bets on Janux’s Novel Solid Tumour Therapy Through $850m Deal
- Total Value: $850m
- Upfront: $50m
- Milestones: $800m
- Future Earnings: Tiered Royalties
Bristol Myers Squibb (BMS) has added to its oncology pipeline through an exclusive global licensing agreement with Janux Therapeutics. BMS’ agreement with Janux Therapeutics marks another step towards the pharma bolstering its therapeutic pipeline amid the looming patent expiries of Opdivo and Eliquis.
This deal will see the pair co-develop a novel therapy for the treatment of solid tumours. While neither Janux nor BMS have shared specifics on the details of this partnership, Janux did note that the tumour-activated therapy will target a “validated solid tumour antigen”, which the biopharma says is commonly expressed across several types of cancer.
Development Responsibilities and IND Submission
To fulfil its side of the deal, Janux will be responsible for the development of this therapy up to the investigational new drug (IND) submission, meaning the biotech will lead preclinical research on the candidate.
Once the drug is in the clinic, BMS will assume responsibility for its development and commercialisation – though Janux will assist BMS in the Phase I study. If the drug makes it to market, Janux will also be eligible to receive tiered royalties on the therapy’s global product sales.
Janux’s Platform and Market Performance
According to Janux’s president and CEO, David Campbell, the biopharma’s collaboration with BMS “validates the strength” of its tumour-activated platforms. The company has used these to create two of its tumour-activated T-cell engagers to the clinic, including JANX007. JANX007 acts by targeting cancer cells expressing the prostate-specific membrane antigen (PSMA) and is currently in clinical development (Phase Ib ENGAGER-PSMA-01) for metastatic, castration-resistant variants of the disease.
BMS Strategy: The Patent Cliff
The pharma industry is currently approaching one of the steepest patent cliffs in modern history. GlobalData forecasts that only 4% of global drug sales will be patent protected by 2030 – a value that is significantly down from the 12% rate seen in 2022. This trend may also impact BMS, as the company is currently contending with the looming patent expiries of its top selling assets, Opdivo (nivolumab) and Eliquis (apixaban).
Dealmaking at J.P. Morgan Healthcare Conference
However, the New Jersey-based pharma’s CEO, Christopher Boerner, expressed his optimism for BMS’s financial future at the recent 2026 J.P. Morgan Healthcare Conference. Boerner noted that high-profile deals should alleviate financial strain.
BMS doubles down on its core focus areas of oncology, haematology, cardiovascular, neurology and immunology. It appears that oncology is one of BMS’s top areas of focus, as seven of the 16 deals BMS signed between 2024 and 2025 were either oncology-focused or had an oncology element, such as the pharma’s Orbital Therapeutics buyout ($1.5bn).
