Janux Therapeutics, Inc. (NASDAQ:JANX) (Janux), a clinical-stage biopharmaceutical company developing a broad pipeline of novel immunotherapies, today announced the nomination of a development candidate under its collaboration and exclusive worldwide license agreement with Bristol Myers Squibb. The milestone was achieved following the identification of a tumor-activated therapeutic, utilizing Janux's TRACTr platform, targeting an undisclosed solid tumor antigen expressed across several human cancer types, triggering a $35 million milestone payment to Janux.

Under the terms of the collaboration agreement, Janux is responsible for conducting preclinical development through IND submission. Bristol Myers Squibb will hold the IND and will be responsible for subsequent clinical development and global commercialization of products arising from the collaboration. Janux will remain actively involved in the program, supporting Bristol Myers Squibb through completion of the first Phase 1 clinical study.

In addition to the $35 million milestone payment associated with development candidate nomination, Janux is eligible to receive additional development, regulatory and commercial milestone payments, as well as tiered royalties on global product sales.