Inclusion Criteria

• Diagnosis of smoldering multiple myeloma (SMM) for less than 5 years
• Have a confirmed diagnosis of intermediate or high-risk SMM
• Eastern Cooperative Oncology Group (ECOG) performance status score of 0 or 1

Exclusion Criteria

• Active multiple myeloma,requiring treatment as defined by the study protocol
• Primary systemic AL (immunoglobulin light chain) amyloidosis
• Prior or concurrent exposure to any of the following
  • Approved or investigational treatments for SMM and/or multiple myeloma
  • Daratumumab or other anti CD-38 therapies
  • Treatment with corticosteroids with a dose > 10 mg prednisone per day or equivalent 
  • Bone-protecting agents (eg, bisphosphonates, denosumab)  are only allowed if given in a stable dose and for a nonmalignant condition
  • Received an investigational drug (including investigational vaccines) or used an invasive investigational medical device within 4 weeks before cycle 1, day 1
• History of malignancy (other than SMM) within 3 years before the date of randomization, except for the following if treated and not active
  • Basal cell or nonmetastatic squamous cell carcinoma of the skin
  • Cervical carcinoma in situ
  • Ductal carcinoma in situ of the breast
  • International Federation of Gynecology and Obstetrics (FIGO) Stage 1 carcinoma of the cervix
• Known chronic obstructive pulmonary disease (COPD) OR moderate or severe persistent asthma within the past 2 years
• Any concurrent medical or psychiatric condition or disease (eg, autoimmune disease, active systemic disease, myelodysplasia) that is likely to interfere with the study procedures or results, or that in the opinion of the investigator, would constitute a hazard for participating in this study