Jan 22 (Reuters) – Janux Therapeutics said on Thursday it has entered a collaboration with Bristol Myers Squibb to develop a new cancer treatment, sending its shares up more than 12% in premarket trading.
The therapy is intended to treat “solid tumors” – meaning cancers that form masses in organs such as the lung, breast, colon or pancreas, Janux said, and it will target a tumor marker found across several types of cancers.
Janux may get up to $50 million in upfront and near-term milestone payments under the agreement, and could earn additional payments totaling about $800 million tied to progress in development, regulatory approvals and sales. It would also get royalties on worldwide product sales if a drug reaches the market.
“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 will complete preclinical testing and hand over clinical testing to Bristol. Bristol will then take up subsequent development and global commercialization of the drug, with Janux remaining actively involved through completion of the early-stage study.
(Reporting by Padmanabhan Ananthan in Bengaluru; Editing by Devika Syamnath)
