JANX Enters Global Oncology Collaboration With BMY, Stock Rises

Clinical-stage biopharma company Janux Therapeutics JANX announced a strategic collaboration and exclusive global license agreement with biotech giant Bristol Myers Squibb BMY.

The partnership centers on Janux’s proprietary Tumor Activated technologies, including its TRACTr, TRACIr, and Adaptive Immune Response Modulator (ARM) platforms.

The agreement validates Janux’s tumor-activated immunotherapy platforms and broadens its presence in solid tumor oncology.

Shares of Janux gained 14.1% on Jan. 22, following the announcement. However, Janux stock has plunged 65.7% in the past year against the industry’s 15.9% growth.

More on JANX-BMY Collaboration

Under the exclusive worldwide license agreement, both companies will jointly develop a novel, tumor-activated therapeutic targeting a validated solid tumor antigen expressed across multiple cancer types.

Per the terms, Janux is eligible to receive up to $50 million in upfront and near-term milestone payments, with the potential for additional development, regulatory, and commercial milestones totaling approximately $800 million. Janux will also earn tiered royalties on global product sales, providing meaningful long-term upside if the program succeeds commercially.

While Janux will lead preclinical development through IND submission, BMY will take over thereafter, assuming responsibility for clinical development and global commercialization. Janux will remain actively involved through the completion of the first phase I study.

BMY Deal Boosts JANX

The deal allows JANX to leverage its platform expertise while shifting the capital-intensive later-stage development risk to a large pharmaceutical partner like BMY.

By partnering with Bristol Myers — one with a strong and a broad oncology portfolio — Janux gains access to deep clinical, regulatory and commercial capabilities.

The influx of capital in the form of upfront payments and potential milestone payments provides funding for its pipeline programs.

We note that JANX currently has two tumor-activated T cell engagers in clinical development — one targeting prostate-specific membrane antigen (PSMA) for prostate cancer, and another targeting epidermal growth factor receptor (EGFR) across multiple solid tumors, including colorectal cancer, head and neck squamous cell carcinoma, non-small cell lung cancer, renal cell carcinoma, small cell lung cancer, pancreatic ductal adenocarcinoma and triple-negative breast cancer.

The deal with BMY serves as a validation of Janux’s tumor-activated approach and enhances the credibility of its broader pipeline strategy.

Positive clinical data, milestone achievements, and additional partnerships could serve as key catalysts for JANX shares.

JANX’s Zacks Rank and Stocks to Consider

Janux Therapeutics currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the biotech sector are Keros Therapeutics KROS and Amicus Therapeutics FOLD, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, 2026 loss per share estimates for Keros Therapeutics have narrowed from $3.56 to $3.36. KROS shares have surged 64.4% over the past year.

Keros Therapeutics’ earnings beat estimates in three of the trailing four quarters and missed in the remaining quarter, with the average surprise being 9098.63%.

Over the past 60 days, estimates for Amicus Therapeutics’ 2026 earnings per share have declined from 67 cents to 65 cents. FOLD shares have soared 48.5% over the past year.

Amicus Therapeutics’ earnings beat estimates in one quarter of the trailing four quarters and missed in the remaining three, with the average negative surprise being 20.21%.


 

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