Bristol Myers Squibb agreed to acquire Orbital Therapeutics for $1.5 billion in cash to obtain Orbital’s in vivo CAR‑T platform and lead program OTX‑201 aimed at autoimmune indications. The acquisition brings BMS a preclinical CD19 in vivo program and entry into technologies engineered to reprogram immune cells inside the body. BMS’s purchase follows a string of acquisitions in in vivo and in situ cell therapy modalities as large pharmas seek simpler manufacturing and outpatient delivery routes. The deal transfers Orbital’s preclinical assets, IP and talent into BMS and underscores industry momentum toward scalable CAR‑T alternatives that avoid ex vivo cell manufacturing.