Bristol Myers Squibb (BMS) has stopped developing BMS-986497, also known as ORM-6151, an acute myeloid leukemia (AML) candidate acquired from Orum Therapeutics under a 2023 asset purchase agreement valued at $180 million. Orum disclosed the decision on September 17, confirming that the agreement had been terminated. As of 9:42 a.m. on the 21st, Orum shares were trading at 27,900 Korean won, down 9,500 won, or 25.40%, after briefly reaching the daily lower price limit. The decline extended a three-session sell-off, following limit-down trading in after-market trading on the 17th and again on the 18th. An earlier report recorded the stock at 26,200 won, down 29.95%, at 9:10 a.m.; the later price reflected a partial recovery. Orum will retain the $100 million upfront payment it has already received but is expected to forgo up to $80 million in future milestone payments. Because the transaction was structured as an asset purchase rather than a license, ORM-6151 will not return to Orum. The halt has renewed scrutiny of Orum’s antibody-drug conjugate, or DAC, pipeline and its GSPT1-based payloads, after the company previously discontinued ORM-5029 following serious adverse events and deaths in a 2024 Phase 1 trial. Orum says the programs differ in their antibody targets and molecular structures. Its next clinical test is ORM-1153, a CD123-targeting GSPT1 degrader for which the U.S. Food and Drug Administration approved an Investigational New Drug application last month; the company aims to begin Phase 1 trials by year-end. Orum has approximately 250 billion Korean won in cash, as well as programs involving new payloads, its PROTAb platform and a collaboration with Vertex Pharmaceuticals. The company says it is premature to conclude that GSPT1 itself is defective.