Bristol Myers’ $1.5 Billion RNA Gamble: Could Orbital Therapeutics Rewire Its Future?

Bristol Myers Squibb has made headlines once again—this time with its $1.5 billion all-cash agreement to acquire Orbital Therapeutics, a privately held biotechnology company pioneering nextgeneration RNA therapies. The deal represents a significant move by Bristol to bolster its innovation pipeline amid looming patent expirations, increased payer scrutiny, and a shifting regulatory landscape. Orbital Therapeutics’ platform, which integrates circular and linear RNA engineering with AI-driven design and advanced lipid nanoparticle delivery, is anchored by its lead candidate OTX-201—an RNA immunotherapy targeting autoimmune disease via B cell depletion. This acquisition follows a series of strategic bets by Bristol in 2024, including the purchases of Karuna, Mirati, and RayzeBio. With the recently launched subcutaneous Opdivo formulation and ongoing efforts to defend and diversify its immuno-oncology and cardiovascular franchises, Bristol is aiming to transform its long-term R&D efficiency and patient reach.