Bristol Myers Squibb announced that mezigdomide, an oral protein-degrading CELMoD, met a primary endpoint in a late-stage trial for relapsed or refractory multiple myeloma, showing a statistically significant improvement in progression-free survival versus standard-of-care backbones. The company said safety observations were consistent with known profiles and that detailed results will be presented at a future medical meeting. BMS framed the readout as an incremental de-risking of its broader CELMoD program, a strategic priority as key patents on legacy sellers near expiry. Management and analysts emphasized the readout alongside earlier iberdomide data as evidence the targeted protein-degradation platform could supply next-generation multiple myeloma therapies.