Bristol Myers Squibb agreed to acquire Orbital Therapeutics for $1.5 billion in cash, bringing Orbital’s in vivo CAR‑T technology into BMS’s cell‑therapy portfolio. The acquisition is the latest major bet on in vivo approaches that aim to engineer immune cells directly inside patients, avoiding ex vivo manufacturing and harsh preconditioning regimens. This purchase is part of an active M&A streak in cell therapy—BMS highlights potential to expand autoimmune and oncology indications. Orbital’s programs, including a preclinical CD19 autoimmune program, provide BMS with earlier‑stage in vivo capabilities and pipeline optionality as first‑in‑class human data for in vivo CAR‑T emerge.