Inclusion Criteria:

- Written informed consent

- Newly diagnosed multiple myeloma

- Maximum of one prior systemic therapy (2 cycles)

- Presence of CRAB criteria

- Measurable disease parameters

- Left ventricular ejection fraction at least 55%

- DLCO of at least 60%

- Adequate bone marrow function

- Use of adequate contraception for female subjects with childbearing potential and all
male subjects

- Eligible for autologous and allogeneic stem cell transplantation

- Bone marrow baseline sample evaluable for interphase cytogenetics

Exclusion Criteria:

- Any serious medical conditions preventing the subject from written informed consent

- Progressive disease (PD) to any initial treatment

- Pregnant or lactating females

- Any condition, including the presence of laboratory abnormalities, which places the
subject at unacceptable risk if he/she were to participate in the study or confounds
the ability to interpret data

- Use of any other experimental drug or therapy within 28 days of baseline

- Preexisting neuropathy of ≥ grade 2 severity

- Known hypersensitivity to thalidomide

- Any prior use of lenalidomide

- Positive for HIV or infectious hepatitis, type A, B or C after serologic testing

- Serum creatinine despite induction therapy ≥ 2.0 mg/dL