Bristol Myers Squibb Ends ORM-6151 CD33 Degrader-Antibody Conjugate Collaboration With Orum Therapeutics After Phase 1 Data Review; $80 Million in Remaining Milestone Obligations Extinguished, Original $100 Million Upfront Retained
Bristol Myers Squibb (NYSE: BMY) informed Seoul-based Orum Therapeutics on Wednesday September 16, 2026 (disclosed publicly Thursday September 17) that it would end its development program for BMS-986497 (ORM-6151) — a CD33-targeting degrader-antibody conjugate (DAC) combining an anti-CD33 monoclonal antibody with a GSPT1 protein-degrader payload for acute myeloid leukemia (AML) and high-risk myelodysplastic syndromes — after reviewing Phase 1 clinical data. BMS acquired the asset in October 2023 for $100 million upfront against a total deal value of up to $180 million; today's termination extinguishes the remaining $80 million in milestone obligations while Orum retains the original $100 million upfront. Orum plans to analyze the discontinuation rationale to inform its lead candidate ORM-1153, a next-generation hematologic-cancer DAC nearing Phase 1 initiation in the United States. The DAC class remains an active industry focus, positioned by boosters as a potential 'post-ADC' modality; the termination extends a difficult stretch for BMS Phase 1 oncology asset walks and marks the third BMS discontinuation of an in-licensed early-stage program this year.