BMS Acquires Orbital for $1.5 B in RNA‑Based Immunotherapy Deal

Bristol-Myers Squibb (BMS, NYSE: BMY) announced today that it will acquire Orbital Therapeutics (“Orbital”), a privately‑held biotechnology company developing a next‑generation RNA platform that reprograms the immune system in vivo. The definitive agreement values Orbital at USD 1.5 billion in cash and represents a strategic expansion of BMS’s immuno‑oncology portfolio.

Deal Highlights

• Purchase Price – BMS will pay USD 1.5 billion in cash for 100 % of Orbital’s equity.
• Transaction Structure – The agreement is a definitive acquisition with no contingent earn‑outs or milestone payments announced at closing.
• Strategic Fit – Orbital’s in‑vivo RNA technology aligns with BMS’s focus on precision immunotherapies and offers a complementary platform to its existing CAR‑T and antibody programs.

Orbital’s Core Assets

• OTX‑201 – The company’s lead preclinical candidate, an optimized circular RNA encoding a CD19‑targeted CAR. Delivered via targeted lipid nanoparticles (LNPs), OTX‑201 enables the patient’s own cells to produce CAR‑T cells in vivo, potentially reducing manufacturing complexity and improving accessibility relative to ex vivo CAR‑T therapies.
• RNA Platform – Orbital’s proprietary platform integrates circular and linear RNA engineering, advanced LNP delivery, and AI‑driven design to generate durable, programmable RNA therapeutics tailored to the biology of a wide array of diseases.

Expected Benefits

• For BMS – Immediate access to a proven in‑vivo RNA delivery system, accelerated pipeline expansion into solid and hematologic malignancies, and a scalable platform that can be applied across multiple indications.
• For Orbital – Capital infusion, global manufacturing capabilities, and a strategic partner with deep expertise in oncology drug development and commercialization.

Timeline & Next Steps

1. Regulatory Review – BMS will submit the acquisition to U.S. and international regulators, anticipating a standard review period.
2. Integration Planning – Both organizations will form a joint integration team to align clinical development, manufacturing, and commercial strategies.
3. Commercial Roll‑Out – Post‑approval, BMS expects to launch OTX‑201 in select patient populations by 2027, contingent on regulatory clearance and clinical milestones.-Fineline Info & Tech