Bristol Myers Squibb discontinued the development of ORM-6151, an experimental treatment for acute myeloid leukemia and myelodysplastic syndrome. Management halted the Phase 1 trial after a clinical data review found the benefit-risk profile did not support continuation. The company acquired the asset from Orum Therapeutics in 2023 for up to $180 million. This deal included a non-refundable $100 million upfront payment.
Separately, the company presented positive two-year data from a Phase 3 study of Sotyktu for psoriasis and psoriatic arthritis. Results demonstrated sustained and improved efficacy over the two-year period. The drug maintained a consistent safety profile with no new safety signals identified.
The oncology pipeline setback weighed more heavily on investor sentiment than the positive Sotyktu clinical data.