Let’s make a deal, Bristol Myers Squibb (NYSE: BMY) to acquire Orbital Therapeutics for $1.5 billion

Bristol Myers Squibb (NYSE: BMY) announced a definitive agreement to acquire Orbital Therapeutics for $1.5 billion in cash, according to a company statement.

The acquisition includes Orbital’s lead preclinical candidate OTX-201, an investigational CAR T-cell therapy that reprograms cells in vivo for autoimmune diseases. The therapy uses circular RNA encoding a CD19-targeted CAR delivered via lipid nanoparticles, allowing the patient’s body to manufacture CAR T-cells rather than requiring external production.

Bristol Myers Squibb will also acquire Orbital’s RNA platform, which combines circular and linear RNA engineering, advanced delivery systems, and AI-driven design capabilities. The platform is designed to develop programmable RNA therapies for various diseases.

“In vivo CAR T represents a novel treatment approach that could redefine how we treat autoimmune diseases,” said Robert Plenge, executive vice president and Chief Research Officer at Bristol Myers Squibb. “This acquisition enhances our robust cell therapy research platform and provides an opportunity to advance a potential best-in-class therapy designed to deplete autoreactive B cells and reset the immune system.”

The transaction is subject to customary closing conditions, including expiration of the Hart-Scott-Rodino Antitrust Improvements Act waiting period. Until closing, both companies will continue operating independently.

Bristol Myers Squibb currently has two approved CAR T-cell therapies with distinct targets available in major markets worldwide. The company positions itself as a pioneer in using immune system-based treatments for cancer and autoimmune diseases.

Centerview Partners served as financial advisor to Orbital Therapeutics, while Covington & Burling provided legal counsel to Bristol Myers Squibb.