Orbital Therapeutics Acquisition, Valuation, Funding & Investors

Orbital Therapeutics was acquired by Bristol-Myers Squibb for $1.5B in October 2025.

Orbital Therapeutics acquisition price

$1.5B

Acquired by Bristol-Myers Squibb · Oct 2025

Cumulative funding Orbital Therapeutics raised

$270M

across 1 funding round

Key investors in Orbital Therapeutics

  • ARCH Venture Partners

Orbital Therapeutics Overview

About Orbital Therapeutics

Orbital Therapeutics is a Cambridge-headquartered biotechnology firm engineering RNA medicines through its oRNA platform, which combines chemical optimization, delivery vehicles, and machine learning for targeted therapies. The company addresses diseases like oncology and rare genetic disorders with modified oligonucleotides. Established in 2020, Orbital Therapeutics collaborates with academic institutions and operates labs in Massachusetts, advancing candidates into preclinical stages for liver and extra-hepatic tissues.


Founded

2022

HQ

United StatesUnited States

Status

Acquired

Customer focus

B2B

Revenue model

Licensing

Valuation

$1.5B (acquired Oct 2025)

Orbital Therapeutics Acquisition

Orbital Therapeutics was acquired by Bristol-Myers Squibb for $1.5B on 10 October 2025.

Before the acquisition Orbital Therapeutics had raised $270M across 1 funding round.

Orbital Therapeutics, a Cambridge, Massachusetts-based biotech launched in 2022 as a spinout from Beam Therapeutics and co-founded by former Alnylam CEO John Maraganore, develops an RNA platform integrating circular and linear RNA engineering, advanced lipid nanoparticle delivery, and AI-driven design for therapies targeting autoimmune diseases, cancers, vaccines, and protein production. The company's lead asset, OTX-201, is a preclinical in vivo CD19-targeted CAR T therapy using circular RNA delivered via targeted LNPs to reprogram patient immune cells directly in the body, enabling B cell depletion in blood, spleen, and lymph nodes for immune system reset in B cell-driven autoimmune disorders like lupus; IND-enabling studies are ongoing with clinical trials planned for the first half of 2026. Orbital raised $270 million in a 2023 Series A led by Arch Venture Partners and backed by a16z, positioning it to advance simpler, safer alternatives to ex vivo CAR T therapies. On October 10, 2025, Bristol Myers Squibb announced the acquisition of Orbital Therapeutics for $1.5 billion in cash to bolster its cell therapy portfolio, which already includes approved ex vivo CAR T products Abecma (anti-BCMA for multiple myeloma) and Breyanzi (anti-CD19 for blood cancers like mantle cell and follicular lymphoma. The deal provides BMS with Orbital's in vivo RNA technologies to enhance CAR T efficiency and accessibility, reducing logistical complexities and conditioning needs associated with ex vivo manufacturing. Strategic rationale centers on redefining autoimmune treatments by depleting autoreactive B cells, amid rising pharma interest in in vivo modalities evidenced by 2025 acquisitions by Gilead, AbbVie, and AstraZeneca; BMS Cell Therapy President Lynelle Hoch highlighted the opportunity to reach more patients, while Chief Research Officer Robert Plenge noted potential for best-in-class immune reset therapies. Investor response was muted, with BMO Capital Markets analysts seeking further evidence of BMS's turnaround. Orbital CEO Ron Philip, formerly of Spark Therapeutics, emphasized the platform's strides in enabling broader RNA medicines. The transaction aligns with BMS's prior investments in early-stage in vivo tech, as discussed by Hoch at a Bernstein event, amid competitive dynamics in cell therapy for autoimmune applications spurred by ex vivo CD19 CAR T success in refractory lupus.

Orbital Therapeutics acquisition details
AcquirerDateTypePrice
10 Oct 2025Strategic M&A$1.5B

Orbital Therapeutics Funding History

Orbital Therapeutics has raised a total of $270M across 1 funding round.

Orbital Therapeutics funding rounds

Orbital Therapeutics funding rounds
DateStageInvestorsRaisedDeal Summary
Apr 2023Series AARCH Venture Partners (lead)$270MOrbital Therapeutics, a Cambridge, Massachusetts-based biotech spun out from Beam Therapeutics, raised $270 million in an oversize Series A financing round on April 26, 2023, led by ARCH Venture Partners. The round included participation from initial investors a16z Bio + Health and Newpath Partners, plus new investors such as Abu Dhabi Growth Fund, Redmile Group, Exor N.V., Invus, Moore Strategic Ventures, iGlobe Platinum Fund Group, Casdin Capital, Agent Capital, Alexandria Venture Investments, Rellim Capital Management, and Heritage Medical Systems. This marked one of the largest early-stage biotech financings of the year, topping previous rounds like Cargo Therapeutics' $200 million and Aera Therapeutics' $193 million. The company is developing a comprehensive platform combining RNA technologies—including linear RNA, circular RNA, and lipid nanoparticle delivery—with data science and automation to create programmable RNA therapeutics for vaccines, immunomodulation, and protein replacement. Co-founded by industry veterans from Alnylam, Beam Therapeutics, ARCH Venture Partners, and academics like Stanford's Howard Chang and Ravi Majeti, Orbital holds licenses for circular RNA patented with Stanford and emerging LNP technologies. The leadership includes CEO Giuseppe Ciaramella, with new COO Niru Subramanian and CFO Jonathan Piazza appointed alongside the financing. Proceeds from the $270 million will support platform optimization, research, program acceleration toward investigational new drug applications, and company expansion across hubs in Cambridge and San Francisco. At the time, Orbital had a 39-person team focused on advancing multiple parallel programs to de-risk the approach through shared learnings.

Who has invested in Orbital Therapeutics?

1 investor has backed Orbital Therapeutics across its funding rounds, including ARCH Venture Partners.

Lead investors include ARCH Venture Partners.


Orbital Therapeutics Investors

Investors in Orbital Therapeutics by funding rounds participated
InvestorHQRoundsRoleFirst check

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Orbital Therapeutics Competitors

Orbital Therapeutics competitors include listed companies like Absci and Zhejiang Wolwo Bio-Pharma, and private ones like Immunai, Sinovac Life Sciences, Anew Labs and Kardigan.

Public and private companies comparable to Orbital Therapeutics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
AbsciUnited StatesUnited StatesPublicly listed$3M($103M)$1.6B388.4x
ImmunaiUnited StatesNew York City, NYPrivate--$1B-
Sinovac Life SciencesChinaBeijingPrivate--$3.3B-
Anew LabsChinaShanghaiPrivate--$1.5B-
KardiganUnited StatesUnited StatesPrivate--$1.5B-
Zhejiang Wolwo Bio-PharmaChinaChinaPublicly listed$158M$69M$1.5B8.5x

Orbital Therapeutics Public Comps

Orbital Therapeutics is no longer listed, but its public comps include Zhejiang Wolwo Bio-Pharma, Lotus Pharmaceutical, Bicara Therapeutics, Pharma Mar, Nippon Shinyaku, Xeris Biopharma, Marksans Pharma, Avalyn Pharma, Innoviva and Natco Pharma.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Zhejiang Wolwo Bio-Pharma$158M$69M8.3x8.5x19.0x-
Lotus Pharmaceutical$644M$252M4.9x3.2x12.4x8.9x
Bicara Therapeutics-($155M)--(6.4x)(5.4x)
Pharma Mar$255M$77M5.3x5.5x17.5x27.5x
Nippon Shinyaku$1.1B$271M1.0x0.9x3.9x3.9x
Xeris Biopharma$292M$38M5.7x4.6x44.1x28.2x
Marksans Pharma$307M$68M4.7x4.3x21.2x20.2x
Avalyn Pharma-($91M)--(12.5x)(10.1x)

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Common questions about Orbital Therapeutics

When was Orbital Therapeutics founded?Orbital Therapeutics was founded in 2022.
Where is Orbital Therapeutics headquartered?Orbital Therapeutics is headquartered in United States.
Is Orbital Therapeutics publicly listed?No, Orbital Therapeutics was acquired by Bristol-Myers Squibb in October 2025.
Who acquired Orbital Therapeutics?Orbital Therapeutics was acquired by Bristol-Myers Squibb in October 2025.
How much was Orbital Therapeutics acquired for?Orbital Therapeutics was acquired for $1.5B in October 2025.
How much funding has Orbital Therapeutics raised?Orbital Therapeutics has raised $270M across 1 funding round.
What was Orbital Therapeutics' last funding round?Orbital Therapeutics' last funding round was a $270M Series A in April 2023, led by ARCH Venture Partners.
Who are Orbital Therapeutics' investors?Orbital Therapeutics' investors include ARCH Venture Partners.
Which companies are comparable to Orbital Therapeutics?Companies comparable to Orbital Therapeutics include Absci, Immunai, Sinovac Life Sciences, Anew Labs, Kardigan and Zhejiang Wolwo Bio-Pharma.

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