Bristol Myers Squibb has agreed to acquire Orbital Therapeutics for $1.5 billion to secure an in vivo cell therapy program aimed at autoimmune disease. The deal positions BMS alongside other large pharma players racing to buy in vivo delivery and gene-modulation platforms rather than build internally. Orbital’s lead asset gives BMS an entry into a nascent class of in vivo cell therapies and underscores M&A as a fast-track option for securing differentiated modalities and platform capabilities.