BMS tries T-cell engagers again, turns to Janux to develop new tumor-activating therapies
Bristol Myers Squibb's efforts to develop cancer treatments called T-cell engagers are not going well. But the pharmaceutical company hasn't stopped exploring this type of targeted cancer treatment, and now it's turning to Janux Therapeutics for help to see if the biotech's technology can produce a drug that can advance into the clinic.
Janux is tasked with developing a tumor-activating therapy targeting a validated solid tumor antigen. The target has not been made public, but the companies say it is expressed in several cancers. Under the terms of the deal announced Thursday, BMS will pay up to $50 million upfront and near-term milestone payments to begin the collaboration.
San Diego-based Janux develops bispecific drugs called T-cell engagers. By binding to one target on T cells and another target on cancer cells, these drugs bring the two cells together, killing the cancer cells. One problem with T-cell engagers is that as they circulate throughout the body, they also hit their targets in healthy tissue, causing toxicity. Janux solves this problem with technology that specifically activates drugs at the tumor site.
Janux has two technology platforms. Tumor-activating T-cell engager (TRACTr) produces a T-cell engager that targets CD3 on T cells; tumor-activating immune modulator (TRACIr) produces a bispecific antibody that targets CD28. For both platforms, Janux's drug includes a peptide “mask” that prevents the treatment from binding to the target until the mask comes off at the site of the tumor, which is triggered by enzymes unique to the tumor and not elsewhere in the body.
BMS has a T-cell engaging agent, alnuctamab, in its product pipeline. The drug, designed to target BCMA in multiple myeloma cells, comes from Celgene, which the pharmaceutical company acquired in 2019. The 2024 portfolio prioritization concludes the program. In 2021, BMS began a multi-target alliance with Immatics, a German company developing T-cell engagement receptor therapies. BMS ended the partnership last year.
The agreement with Janux puts the biotech in charge of preclinical development of the drug candidate through the submission of an Investigational New Drug Application. BMS will take over subsequent development and potential commercialization, but the companies said Janux will remain actively involved, supporting the program through the completion of the first Phase 1 clinical study. In addition to the upfront cash payment, Janux may receive up to $800 million in milestone payments and royalties on sales of approved products. Janux President and CEO David Campbell said in a prepared statement that the new alliance validates the company's technology platform and expands its presence in solid tumor oncology.
“By combining Janux's innovative technologies with Bristol-Myers Squibb's deep expertise in clinical development and global commercialization, we aim to accelerate the delivery of transformative therapies to patients with difficult-to-treat cancers,” said Campbell.
Janux's wholly-owned drug candidates include JANX007, a PSMA- and CD3-targeted therapy in development for the treatment of metastatic castration-resistant prostate cancer, and JANX008, an EGFR- and CD3-targeted therapy in development for EGFR-positive solid tumors. Both programs are in early clinical development. Janux has also been working with Merck since 2020. The target has not been disclosed.
William Blair analyst Matt Phipps, who covers Janux, also follows the company. Management did not disclose further details about which platform will be used in the BMS partnership, or whether the target is one that Janux is already working on or one proposed by the pharmaceutical company, he said in a research note. Still, Phipps said the BMS collaboration further validates the biotech's tumor activation technology.
“We believe recurring interest from large pharmaceutical companies strengthens the differentiation of Janux's tumor activation platform,” Phipps said. “However, the focus in 2026 clearly remains the clinical update of the JANX007 expansion cohort, which will be key to regaining confidence in the program, as well as the update of JANX008, including potential dose escalation data and selected tumors for dose expansion.”
Photo by Flickr user Bristol-Myers Squibb via Creative Commons license
