Bristol Myers Squibb Deepens Commitment to In Vivo Cell Therapy
Bristol Myers Squibb (BMS) has agreed to acquire Orbital Therapeutics for $1.5 billion in cash, deepening its involvement in in vivo cell therapy. The acquisition provides BMS with access to Orbital’s RNA-based technology platform and its lead program, OTX-201, which aims to treat autoimmune diseases by reprogramming immune cells directly inside the body.
A Strategic Move in a Growing Field
BMS initially became a significant player in the cell therapy market through its 2019 acquisition of Celgene, which included autologous CAR-T therapies from bluebird bio and Juno Therapeutics. Since then, there has been growing interest in developing methods that trigger CAR-T cell production within patients rather than engineering the cells externally.
Founded in 2022, Orbital Therapeutics launched with the goal of advancing RNA medicines and raised $270 million from Arch Venture Partners and other investors in 2023. Led by former Spark Therapeutics CEO Ron Philip, the company identified in vivo CAR-T therapies as the first application of its RNA platform. While it plans to expand into oncology, Orbital’s primary focus has been on an autoimmune candidate. Early findings from ex vivo CD19 CAR-T therapies have shown potential in treating hard-to-manage lupus cases, sparking broader interest in applying CAR-T approaches to autoimmune diseases.
Inside Orbital’s RNA Technology
Orbital’s lead asset, OTX-201, is an in vivo CD19 CAR-T therapy that uses circular RNA encoding a CD19-targeted CAR, delivered through targeted lipid nanoparticles. Once inside the body, OTX-201 could stimulate the production of CAR-T cells, reducing the logistical complexities and conditioning regimens tied to traditional ex vivo CAR-T manufacturing. The company is conducting IND-enabling studies and expects to prepare the therapy for clinical development in the first half of next year.
BMS’s Vision for the Future
Despite the early stage of Orbital’s programs, BMS saw sufficient promise to move forward with the $1.5 billion acquisition. “In vivo CAR T represents a novel treatment approach that could redefine how we treat autoimmune diseases,” said Robert Plenge, Chief Research Officer at BMS. The deal will also provide BMS ownership of Orbital’s RNA platform, which uses AI-driven design to create circular and linear RNA therapies for a broad spectrum of diseases.
According to Orbital’s website, its RNA technology may also be used to target cancers, develop next-generation RNA vaccines, and create protein-based therapies. BMS expects the acquisition to enhance its existing cell therapy research capabilities and expand its pipeline in autoimmune and other disease areas.
Lynelle Hoch, president of BMS’s Cell Therapy Organization, said the deal offers an “incredible opportunity to make CAR T-cell therapy more efficient and accessible to more patients.” She also commented on the early-stage potential of in vivo approaches, stating, “I think in vivo is an interesting platform. Obviously, it’s much, much earlier and further out [than ex vivo], but I think that is another great concept of can you potentially give a patient almost like a vaccine shot and provide them that same kind of CAR expression.”
Market and Analyst Perspectives
Analysts at BMO Capital Markets had a muted response to the acquisition, noting that they “continue to look for more from the company before we can get excited about the near-term turnaround story.” They added that while cell therapy for autoimmune disease has shown strong therapeutic effects, its logistical challenges could limit broader use among patients.
Financial details beyond the $1.5 billion purchase price were not disclosed, and BMS and Orbital did not specify when they expect the transaction to close. The announcement follows a period of increased activity in the cell therapy sector and comes shortly after Takeda revealed its decision to end all cell therapy operations, resulting in job cuts.
