Melt caramels and milk in a small heavy saucepan over low heat, stirring constantly until smooth. Pour caramel mixture into a well-greased 9-inch glass pie plate.

Place cherries, rounded sides down, over caramel mixture; sprinkle with pecans. Separate biscuits and place snugly in pan.

Bake in a preheated 350-degree oven 22 to 25 minutes, or until golden brown. Invert immediately onto serving plate, scraping any remaining caramel over biscuits.

Serve warm.