Bristol Myers Acquires Orum Therapeutics' Blood Cancer Therapy for $180M

Bristol Myers Squibb has acquired an antibody-drug conjugate (ADC) asset from Orum Therapeutics for $100 million upfront. The ADC attaches a protein degrader to an antibody, offering a different approach to the technology compared to traditional chemotherapy or cytotoxic drugs. The asset has already been cleared by the FDA for Phase I testing in acute myeloid leukemia and high-risk myelodysplastic syndromes. Bristol Myers may potentially pay an additional $80 million in milestone payments for the asset.