Bristol Myers Squibb Discontinues Orum-Partnered AML Drug ORM-6151 After Phase 1 Review
- Bristol Myers Squibb (BMS) has discontinued ORM-6151, an investigational degrader-antibody conjugate (DAC) licensed from Orum Therapeutics, after reviewing Phase 1 clinical data.
- ORM-6151 pairs an anti-CD33 antibody with a GSPT1 molecular-glue degrader payload, built on Orum's TPD² (targeted protein degradation + targeted delivery) platform; DACs are a newer conjugate class that deliver a protein-degrading payload rather than the cytotoxins used in classic antibody-drug conjugates (ADCs).
- The drug was in a Phase 1 trial for acute myeloid leukemia (AML) and high-risk myelodysplastic syndrome (MDS).
- BMS licensed ORM-6151 from Orum in 2023 for a $100 million upfront payment.
- BMS notified Orum of the discontinuation on September 16, 2026, ending its obligation for up to $80 million in further milestone payments; Orum keeps the $100 million upfront already received.
The read here isn't that DACs are dead — GSPT1 degrader payloads carry known hematologic toxicity liabilities independent of the antibody delivery mechanism, so this looks more like a target/payload combination failing than an indictment of Orum's TPD² platform. Still, ORM-6151 was the most advanced, highest-profile DAC sitting inside Big Pharma hands, so its exit tightens scrutiny on the whole conjugate-degrader class before any asset reaches pivotal trials. The deal math is the sharper lesson: Orum banked its full $100M upfront and forfeits nothing, while BMS ate the Phase 1 spend and walks from up to $80M in milestones — a familiar structure where biotechs get paid for optionality, not outcomes. For Orum, losing its marquee partnered program right as it needs to prove platform durability to future licensees is the real overhang.
Bristol Myers scraps Orum-partnered cancer drug after reviewing Phase 1 data ↗