Pharma BD Deal Intelligence
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →BMS Makes $1.5B Cell Therapy Play With Orbital Takeover. Analyst response was lukewarm. BMO Capital Markets noted they continue to look for more from BMS,…
BMS inks $1.5B in vivo CAR-T buyout to pull Orbital into its sphere of influence. Bristol Myers' Chief Research Officer Robert Plenge stated: In vivo CAR-T…
BMS Joins the In Vivo Cell Therapy Chase With $1.5B Orbital Therapeutics Acquisition. BMS executive Robert Plenge noted that in vivo CAR T represents a novel…
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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.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Bristol-Myers Squibb Company / Orbital Therapeutics, Inc. (this deal) | 2025 | $1.5B | — |
| Bristol-Myers Squibb Company / Medarex Inc. | 2009 | $2.4B | 92 |
| Bristol-Myers Squibb Company / Celgene Corporation | 2019 | $74.0B | 77 |
| Bristol-Myers Squibb Company / MyoKardia Inc. | 2020 | $13.1B | 76 |
| Bristol-Myers Squibb Company / Karuna Therapeutics | 2023 | $14.0B | 76 |
| Bristol-Myers Squibb Company / Ono Pharmaceutical Co., Ltd. | 2011 | — | 76 |
| Bristol-Myers Squibb Company / SystImmune Inc. | 2023 | $8.4B | 71 |
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More: 2025 deals · Bristol-Myers Squibb Company deals · Immunology deals