Pharma BD Deal Intelligence
Bristol Myers Squibb acquired Orbital Therapeutics for ~$1.5 billion in cash. BMS announced the definitive agreement on October 10, 2025, guided that it would close in Q4 2025, and its FY2025 results confirm the acquisition closed in 2025 — BMS recorded a one-time, non-tax-deductible acquired in-process R&D (IPRD) charge (~$1.4 billion total acquired-IPRD for the year, primarily Orbital) and reported the deal as a completed 2025 acquisition. The transaction gives BMS Orbital's RNA immunotherapy platform — integrated linear and circular RNA engineering with targeted lipid-nanoparticle (LNP) delivery — and lead candidate OTX-201, a circular RNA encoding a CD19-directed CAR for in vivo CAR-T expression, initially in B-cell driven autoimmune disease. OTX-201 was in IND-enabling studies at announcement, with clinical development planned to begin in the first half of 2026. The buy extends BMS's run of in vivo cell-therapy deals and broadens potential applications across autoimmune disease, immuno-oncology and other indications.