Bristol Myers buys Orum’s blood cancer therapy for up to $180 million

(Reuters) – Bristol Myers Squibb has acquired Orum Therapeutics’ experimental therapy to treat a type of blood cancer for a total value of up to $180 million, the privately held company said on Monday.

The therapy, ORM-6151, which helps degrade a specific protein hard to treat previously, has received the U.S. Food and Drug Administration’s (FDA) clearance for an early stage study.

The deal includes an upfront payment of $100 million and milestone payments, Orum said, without disclosing further details.

(Reporting by Khushi Mandowara in Bengaluru; Editing by Dhanya Ann Thoppil and Sriraj Kalluvila)