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Inclusion Criteria:

* Diagnosis of multiple myeloma (IMWG criteria)
* Measurable disease, as defined by at least 1 of the following

  1. Serum myeloma (M) protein ≥0.5 g/dL (5 g/L)
  2. Urine M protein ≥200 mg/24 h
  3. Serum free light chain (FLC) \>100 mg/L (10 mg/dL) with abnormal kappa:lambda ratio
* Participants must have progressed on or been intolerant of at least 3 prior therapies including proteasome inhibitor, IMID drug and anti-CD38 antibody, either in combination or as a single agent
* ECOG PS 0, 1 or 2. PS 3 is permitted if PS is due solely to bone pain
* Adequate bone marrow, hematological, kidney and liver function
* Resolved acute effects of any prior therapy to baseline severity or CTCAE Grade 1
* Not pregnant and willing to use contraception

Exclusion Criteria:

* POEMS syndrome
* Any other active malignancy within 3 years prior to enrollment, except for adequately treated basal cell or squamous cell skin cancer, or carcinoma in situ
* History of active autoimmune disorders
* Any form of primary immunodeficiency
* History of severe immune-mediated adverse event with prior immunomodulatory treatment
* Stem cell transplant within 12 weeks prior to enrollment
* Active graft versus host disease other than Grade 1 skin involvement, or that requiring immunosuppressive treatment
* Requirement for systemic immune suppressive medication
* Active, uncontrolled bacterial, fungal, or viral infection, including HBV, HCV, known HIV or AIDS related illness and SARS-CoV2
* Previous administration with an investigational drug within 4 weeks or 5 half-lives preceding the first dose of study intervention used in this study (whichever is longer)
* Known or suspected hypersensitivity to component of elranatamab (PF-06863135), murine and bovine products
* Live attenuated vaccine within 4 weeks

• Nagoya, Aichi-ken, Japan
• Shibuya-ku, Tokyo, Japan