Bristol Myers Squibb To Acquire Orbital Therapeutics For $1.5B, Expanding Its RNA Immunotherapy Pipeline

Bristol Myers Squibb has announced a definitive agreement to acquire Orbital Therapeutics, a privately held biotechnology company focused on developing a new generation of RNA medicines designed to reprogram the immune system directly inside the body. Orbital’s RNA-based therapeutic platform aims to deliver precise, flexible, and durable treatments that can address complex diseases by targeting their underlying biological mechanisms.

“In vivo CAR T represents a novel treatment approach that could redefine how we treat autoimmune diseases,” said Robert Plenge, MD, PhD, executive vice president, Chief Research Officer, BMS. “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. We are excited by the promise this holds for patients with autoimmune diseases who are waiting for better options.”

The acquisition gives BMS access to Orbital’s lead preclinical RNA immunotherapy candidate, OTX-201, which uses circular RNA to encode a CD19-targeted CAR (Chimeric Antigen Receptor) for in vivo expression. Delivered via targeted lipid nanoparticles (LNPs), this approach enables patients’ own cells to produce CAR T-cells internally—potentially reducing manufacturing complexities, treatment burden, and improving accessibility compared to traditional ex vivo CAR T-cell therapies. In addition, BMS will gain ownership of Orbital’s proprietary RNA platform, which merges circular and linear RNA engineering, LNP delivery, and AI-driven design to create programmable RNA therapies adaptable to various disease profiles.

“With the acquisition of Orbital Therapeutics and its next-generation RNA platform, we have an incredible opportunity to make CAR T-cell therapy more efficient and accessible to more patients,” said Lynelle B. Hoch, president, Cell Therapy Organization, BMS. “As a leader in cell therapy, we are uniquely positioned to evaluate multiple different platform approaches to induce immune reset in autoimmune diseases and continue to optimize in vivo technology in clinical development.”

Under the terms of the deal, Bristol Myers Squibb will pay $1.5 billion in cash at closing. The transaction remains subject to customary closing conditions, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Until the acquisition is finalized, both companies will continue to operate independently. The final accounting classification—whether as a business combination or asset acquisition—will be determined upon closing.

“This agreement with Bristol Myers Squibb, a recognized leader in global medicine, marks a transformational moment for Orbital and the advancement of RNA medicine,” said Ron Philip, Chief Executive Officer, Orbital Therapeutics. “Since inception, Orbital has made significant strides developing a differentiated RNA platform designed to enable a new generation of RNA medicines that reach more tissues, address more diseases, and benefit more patients. The promising early data from our lead program, OTX-201, underscore the strength of this approach and the potential of our integrated RNA technologies. Together, we aim to deliver RNA medicines that provide patients with treatments that are simpler, safer, and more accessible compared to today’s complex therapies.”