Bristol Myers Squibb agreed to acquire Orbital Therapeutics for about $1.5 billion to secure an in vivo cell therapy platform targeting autoimmune disease. BMS said the purchase brings an in‑house route to programmatically reprogram immune cells in patients without ex vivo manufacturing. Orbital’s technology centers on in vivo CAR‑T approaches designed to deplete pathological B cells or reset immune responses, positioning BMS alongside other large pharmas that have been buying next‑generation cell therapy capabilities. The deal signals continued strategic M&A as Big Pharma seeks to internalize transformative platforms rather than partner around them. Investors and competitors will assess how BMS plans clinical translation and the regulatory pathway for in vivo engineered cell therapies, a field still defining safety, dosing and durability benchmarks.