BMS Acquires Orbital Therapeutics to Spearhead In Vivo RNA CAR T Innovation

PRINCETON, N.J. – October 10, 2025 – Bristol Myers Squibb (BMS) announced today that it has agreed to acquire the privately held biotechnology company Orbital Therapeutics for $1.5 billion in cash at closing. The acquisition is a strategic move to bolster BMS’s cell therapy platform with a next-generation approach to RNA medicines designed to reprogram the immune system in vivo.

The deal centers on Orbital’s proprietary RNA platform and its lead preclinical candidate, which aim to deliver simpler, safer, and more accessible treatments for complex diseases, particularly in the autoimmune space.

Lead Candidate OTX-201 Targets Autoimmunity
The acquisition includes Orbital’s lead preclinical RNA immunotherapy, OTX-201, currently in IND-enabling studies. OTX-201 is an in vivo CAR T therapy that utilizes advanced delivery mechanisms:

→ The therapy comprises an optimized circular RNA encoding a CD19-targeted CAR (Chimeric Antigen Receptor) for in vivo expression.

→ It is delivered via targeted lipid nanoparticles (LNPs).

BMS believes this in vivo CAR T approach—where the patient’s own body acts as the manufacturing site for the engineered T cells—could offer a potential best-in-class therapy to deplete autoreactive B cells and “reset” the immune system.

“In vivo CAR T represents a novel treatment approach that could redefine how we treat autoimmune diseases,” said Robert Plenge, M.D., PhD., EVP and Chief Research Officer at BMS. “This acquisition enhances our robust cell therapy research platform and provides an opportunity to advance a potential best-in-class therapy…”

Proprietary RNA Platform for Precision Medicine
BMS will also acquire Orbital’s differentiated RNA platform, which integrates circular and linear RNA engineering, advanced LNP delivery, and AI-driven design. This comprehensive platform is designed to create durable, programmable RNA therapies that can be tailored to the distinct complexities of a broad spectrum of diseases.

Orbital CEO Ron Philip stated that the agreement “marks a transformational moment for Orbital and the advancement of RNA medicine.” He added that the in vivo approach has the potential to offer reduced treatment burden and improved accessibility compared to current complex ex vivo cell therapies.