Bristol Myers Squibb has terminated development of a degrader-antibody conjugate it acquired from Orum Therapeutics for $100 million after reviewing phase 1 data. The decision, reported through an SEC/regulatory filing, ends BMS’ involvement with the early-stage asset. The dropped program is described as BMS-986497/ORM-6151, reflecting a broader reality that ADC and related targeted-construct strategies can face rapid course corrections even after meaningful investment. For Orum, the pullback reduces near-term validation from a major partner’s continuing development. The termination matters for both companies’ pipelines: it signals BMS’ tightening of risk around early clinical signals and highlights how quickly conjugate-format therapies can be deprioritized if human data do not match expectations.