Bristol Myers Squibb has ended development of an Orum Therapeutics degrader-antibody conjugate program after reviewing phase 1 data, according to a Thursday regulatory filing. The asset, BMS-986497/ORM-6151, was acquired by BMS for $100 million, and the termination marks a notable retreat from the degrader–conjugate strategy at this stage of clinical testing. The move follows the company’s broader need to manage R&D portfolios amid shifting risk tolerance, especially for modality bets that require both potency and safety read-through from early clinical datasets. For Orum, the discontinuation limits upside from the specific partnership asset and tightens the focus on remaining external opportunities. For BMS, the decision frees resources for other oncology and targeted opportunities while reducing exposure to clinical uncertainties tied to this specific molecule class.