(Reuters) -Drugmaker Bristol Myers Squibb said on Friday it will acquire privately held cell therapy developer Orbital Therapeutics for $1.5 billion in cash.

The deal adds to Bristol's CAR T-cell therapies, with Orbital's lead experimental candidate OTX-201 that is designed to target autoimmune diseases.

CAR-T therapy involves genetically modifying a patient's own immune cells to better recognize and attack specific disease-causing cells in the body.

"With the acquisition of Orbital Therapeutics...we have an incredible opportunity to make CAR T-cell therapy more efficient and accessible to more patients," said Lynelle B. Hoch, president, Cell Therapy Organization, at Bristol Myers.