Bristol Myers Squibb has stopped development of ORM-6151, a degrader-antibody conjugate it licensed from Orum Therapeutics, after reviewing early clinical trial results. Orum disclosed the decision in a financial filing, less than a year after the companies signed a $100 million licensing agreement.
ORM-6151 was being evaluated in Phase I trials for both acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS), including as a monotherapy and in combination with azacitidine and venetoclax.
Orum Therapeutics, which is listed on the Kosdaq, confirmed the termination in its financial report. The original 2023 agreement had been a major step for Orum, with hopes that ORM-6151 would advance its DAC technology through a large industry partnership. According to a Fierce Biotech report, the deal included a $100 million upfront payment and up to $80 million in possible milestone payments, for a total potential value of $180 million.
Full analysis and additional features are available to registered users through a free trial, with more detail on what this means for both companies and the field of degrader-based therapeutics. Orum keeps the $100 million upfront payment and does not have to return it, but is no longer eligible for the remaining milestone payments after the program's end, as reported by BioSpace.
Korean business media reported a sharp market reaction, with Orum Therapeutics shares dropping by approximately 33% in post-market and daily limit trading sessions, reflecting concerns that ORM-6151 was the company's sole clinical-stage asset.
