Janux shares rise on global cancer drug deal with Bristol Myers

Shares of drug developer Janux Therapeutics JANX.O rise 17.33% to $15.57 premarket

 Co says it signed a global licensing deal with Bristol Myers BMY.N to develop a new solid-tumor cancer drug

 Co says it may receive up to $50 mln upfront and near-term milestones, plus as much as $800 mln more tied to progress and sales

 Royalties to follow if the drug is approved and sold, co says

The drug targets a protein seen across several cancers; per co

 JANX will handle early research before BMY takes over development and global sales

Shares down ~74% in 2025