Bristol Myers Squibb (NYSE: BMY) has discontinued development of BMS-986497 (ORM-6151), the CD33-targeting degrader-antibody conjugate (DAC) it acquired from South Korea-based Orum Therapeutics (KOSDAQ: 475830) in 2023, after reviewing Phase I clinical data. BMS informed Orum on September 16, 2026 that it had decided to end the program, extinguishing its obligation to make up to USD 80 million in remaining milestone payments. Orum retains the USD 100 million upfront payment received at closing.
BMS acquired the asset — then known as ORM-6151 — in October 2023 for USD 100 million upfront against a total deal value of USD 180 million. The program, which Orum developed using its TPD² platform, combines an anti-CD33 antibody with a GSPT1 protein degrader payload for the treatment of acute myeloid leukemia (AML) and high-risk myelodysplastic syndromes. BMS had been evaluating BMS-986497 as a monotherapy and in combination with azacitidine and venetoclax in patients in the US, Europe, and Canada. The deal structure carried no royalty provisions: the Korea Biomedical Review reported at the time that Orum would receive no additional payments beyond the USD 180 million total, regardless of commercial success.
The termination removes the only clinical-stage CD33-targeted DAC from active development. In the broader CD33 AML landscape, gemtuzumab ozogamicin remains the sole approved CD33-directed agent. BMS did not disclose specific reasons for the discontinuation, and the source disclosure does not state that rights to the asset reverted to Orum.
Orum said it will redirect its research and development focus to its internal pipeline and DAC platform. Its next AML candidate, ORM-1153, is a CD123-targeting DAC also built on the GSPT1 degrader payload. That molecule received US FDA investigational new drug clearance in August 2026 and is positioned to enter first-in-human testing, while preclinical data were presented at the American Association for Cancer Research annual meeting in April 2026.