Bristol Myers Squibb agreed to acquire Orbital Therapeutics for $1.5 billion to obtain an in vivo cell‑therapy platform intended to make CAR‑T–style approaches accessible for autoimmune disease. The deal gives BMS a candidate and delivery technology designed to reprogram immune cells in the body rather than ex vivo manufacturing, aiming to reduce cost and logistics barriers. The acquisition places BMS alongside peers investing in in vivo cell therapies—AstraZeneca, AbbVie and Gilead have been active in the space—signaling Big Pharma’s appetite for non‑traditional cell therapy routes. Investors and industry watchers will focus on translation risk (safety, on‑target/off‑target delivery) and the timeline for clinical readouts and regulatory engagement. BMS framed the move as strategic acceleration into a next‑generation cell therapy class that could broaden patient access if safety and efficacy are validated in human trials.