Bristol axes two early Celgene projects

Two projects that Bristol Myers Squibb had acquired through its $74 billion 2019 takeover of Celgene have been discontinued: one is the anti-BCMA antibody-drug conjugate ispectamab debotansine, and the other is a T-cell engaging bispecific against PSCA, GEM3PSCA. The latter was in a phase 1 trial led by AvenCell in solid tumours with positive PSCA expression, while the former was in phase 1 in relapsed/refractory multiple myeloma. Ispectamab debotansine, originally coded CC-99712, came to Celgene via a 2012 discovery collaboration with Sutro worth $22m up front. The GEM3PSCA study was earlier marked as terminated on clinicaltrials.gov, citing a "business decision", and surely a similar motive lies behind the discontinuation of ispectamab debotansine: Bristol boasts numerous other BCMA-targeting projects, including the Car-T therapies Abecma (marketed) and CC-98633/BMS-986354 (fully human binder, with five-day manufacturing), and the bispecific MAb alnuctamab. Meanwhile, in 2021 the group discontinued orva-cel (JCARH125), an anti-BCMA Car-T originated by Juno, incurring a $470m R&D writedown.