Nov. 6 Quick Takes: BMS buying Orum’s protein degrader

Bristol Myers Squibb Co. (NYSE:BMY) will assume control of a first-in-class, CD33 antibody-enabled GSPT1 protein degrader via its acquisition of the therapy from Korea-based Orum Therapeutics Inc. for $100 million up front. Orum said FDA has cleared the molecule, previously known as ORM-6151 and now called BMS-986497, for a Phase I study to treat acute myelogenous leukemia or myelodysplastic syndromes. Orum, which is eligible for another $80 million in undisclosed milestones, has one other clinical protein degrader derived from the same platform; it targets HER2 and HER3.

Ventyx Biosciences Inc. (NASDAQ:VTYX) has scrapped development of VTX958 to treat plaque psoriasis and psoriatic arthritis after the TYK2 inhibitor missed the company’s internal efficacy target in a Phase II study of plaque psoriasis patients, despite meeting the primary and all key secondary endpoints. Shares in Ventyx, which had a market cap of about $820 million at Monday’s close and $300.8 million cash on Sept. 30, were off $10.89 (77%) to $3.19 in early after-hours trading. An interim efficacy analysis of a Phase II study of VTX958 to treat Crohn’s disease will read out in 1Q24...