BMS ends Orum’s $100M AML degrader-antibody conjugate program after Phase 1 review

Bristol Myers Squibb has discontinued BMS-986497, formerly Orum Therapeutics’ ORM-6151, after reviewing early Phase 1 clinical data. Neither company publicly detailed the data or the precise reason for the decision.

The program was a CD33-directed degrader-antibody conjugate intended for acute myeloid leukemia and high-risk myelodysplastic syndromes. It used an antibody to deliver a GSPT1 protein-degrader payload to CD33-expressing malignant cells.

BMS acquired the asset in 2023 for $100 million upfront, with up to $80 million in additional development milestones. Orum keeps the upfront payment, but the remaining milestone opportunity has been eliminated.

The Phase 1 study had evaluated the candidate alone and in combinations involving azacitidine and venetoclax across sites in the U.S., Europe and Canada.

Because the transaction was structured as an asset purchase rather than a license, reporting indicates the program does not revert to Orum following BMS’s termination.