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Drugmaker Bristol-Myers Squibb said on Friday it will acquire privately held cell therapy developer Orbital Therapeutics for $1.5 billion in cash, aiming to diversify from legacy products facing competition from generic drugs.

The deal expands Bristol Myers Squibb's CAR T-cell immunotherapy portfolio with Orbital's lead experimental candidate, OTX-201, which is designed to target autoimmune diseases.

This marks the company's first major acquisition of the year, as it shifts focus beyond established blockbusters, such as the blood thinner Eliquis and cancer drug Revlimid, to reassure investors that its newer therapies can drive future growth.

In March, the company had made a smaller acquisition of its part

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