BMS pushes into in vivo CAR-T with $1.5B Orbital Therapeutics takeover

Bristol Myers Squibb is acquiring Orbital Therapeutics for $1.5 billion to advance its work in “in vivo” cell therapies targeting autoimmune diseases.

Why it matters: The deal could accelerate a new wave of treatments that reprogram immune cells inside the body, offering a safer, more convenient option than current cell therapies that require lab-based cell modification.

Backstory: Orbital, launched in 2022 and raised a $270M series A in 2023. The company developed OTX-201, an experimental treatment that uses circular RNA to rewire immune cells to destroy faulty B cells implicated in diseases like lupus. BMS, already a leader in ex vivo CAR-T therapies for cancer thanks to its acquisition of Celgene in 2019, sees in vivo approaches as a way to expand into less severe, chronic diseases.

Big picture: This acquisition reflects a growing pharmaceutical trend: Gilead, AbbVie, and AstraZeneca have all made similar bets in 2025, signaling industry confidence in the future of in vivo gene editing to tackle autoimmune conditions at scale.

Zoom in: OTX-201 targets CD19, the same protein as cancer drugs like BMS’s Breyanzi. Orbital’s preclinical data shows full B cell depletion, a key for immune system reset. Human trials could begin in 2026.