diff --git a/openmp/libomptarget/CMakeLists.txt b/openmp/libomptarget/CMakeLists.txt
--- a/openmp/libomptarget/CMakeLists.txt
+++ b/openmp/libomptarget/CMakeLists.txt
@@ -86,7 +86,8 @@
   "Path to folder containing omp.h")
 set(LIBOMPTARGET_OPENMP_HOST_RTL_FOLDER "${LIBOMP_LIBRARY_DIR}" CACHE STRING
   "Path to folder containing libomp.so, and libLLVMSupport.so with profiling enabled")
-
+set(LIBOMPTARGET_LLVM_LIBRARY_DIR "${LLVM_LIBRARY_DIR}" CACHE STRING
+  "Path to folder containing llvm library libomptarget.so")
 
 # Build offloading plugins and device RTLs if they are available.
 add_subdirectory(plugins)
diff --git a/openmp/libomptarget/src/CMakeLists.txt b/openmp/libomptarget/src/CMakeLists.txt
--- a/openmp/libomptarget/src/CMakeLists.txt
+++ b/openmp/libomptarget/src/CMakeLists.txt
@@ -12,35 +12,32 @@
 
 libomptarget_say("Building offloading runtime library libomptarget.")
 
-set(LIBOMPTARGET_SRC_FILES
-  ${CMAKE_CURRENT_SOURCE_DIR}/api.cpp
-  ${CMAKE_CURRENT_SOURCE_DIR}/device.cpp
-  ${CMAKE_CURRENT_SOURCE_DIR}/interface.cpp
-  ${CMAKE_CURRENT_SOURCE_DIR}/interop.cpp
-  ${CMAKE_CURRENT_SOURCE_DIR}/omptarget.cpp
-  ${CMAKE_CURRENT_SOURCE_DIR}/rtl.cpp
-  ${CMAKE_CURRENT_SOURCE_DIR}/LegacyAPI.cpp
-)
+add_llvm_library(omptarget
+  SHARED
+
+  api.cpp
+  device.cpp
+  interface.cpp
+  interop.cpp
+  omptarget.cpp
+  rtl.cpp
+  LegacyAPI.cpp
 
-set(LIBOMPTARGET_SRC_FILES ${LIBOMPTARGET_SRC_FILES} PARENT_SCOPE)
+  ADDITIONAL_HEADER_DIRS
+  ${LIBOMPTARGET_INCLUDE_DIR}
 
-# Build libomptarget library with libdl dependency.
-add_library(omptarget SHARED ${LIBOMPTARGET_SRC_FILES})
-set_target_properties(omptarget PROPERTIES INSTALL_RPATH "$ORIGIN" BUILD_RPATH "$ORIGIN")
-if (OPENMP_ENABLE_LIBOMPTARGET_PROFILING)
-  # Add LLVMSupport dependency if profiling is enabled.
-  # Linking with LLVM component libraries also requires
-  # aligning the compile flags.
-  llvm_update_compile_flags(omptarget)
-  target_compile_definitions(omptarget PUBLIC OMPTARGET_PROFILE_ENABLED)
-  target_link_libraries(omptarget PRIVATE LLVMSupport)
-endif()
-target_include_directories(omptarget PRIVATE
-  ${LIBOMPTARGET_INCLUDE_DIR})
-target_link_libraries(omptarget PRIVATE
+  LINK_COMPONENTS
+  Support
+  Object
+
+  LINK_LIBS
   ${CMAKE_DL_LIBS}
-  "-Wl,--version-script=${CMAKE_CURRENT_SOURCE_DIR}/exports")
+  "-Wl,--version-script=${CMAKE_CURRENT_SOURCE_DIR}/exports"
+  NO_INSTALL_RPATH
+)
+target_include_directories(omptarget PRIVATE ${LIBOMPTARGET_INCLUDE_DIR})
 
-# Install libomptarget under the lib destination folder.
-install(TARGETS omptarget LIBRARY COMPONENT omptarget
-  DESTINATION "${OPENMP_INSTALL_LIBDIR}")
+# libomptarget.so needs to be aware of where the plugins live as they
+# are now separated in the build directory.
+set_target_properties(omptarget PROPERTIES INSTALL_RPATH "$ORIGIN" BUILD_RPATH "$ORIGIN:${CMAKE_CURRENT_BINARY_DIR}/..")
+install(TARGETS omptarget LIBRARY COMPONENT omptarget DESTINATION "${OPENMP_INSTALL_LIBDIR}")
diff --git a/openmp/libomptarget/test/lit.cfg b/openmp/libomptarget/test/lit.cfg
--- a/openmp/libomptarget/test/lit.cfg
+++ b/openmp/libomptarget/test/lit.cfg
@@ -98,6 +98,7 @@
 else: # Unices
     config.test_flags += " -Wl,-rpath," + config.library_dir
     config.test_flags += " -Wl,-rpath," + config.omp_host_rtl_directory
+    config.test_flags += " -Wl,-rpath," + config.llvm_lib_directory
     if config.cuda_libdir:
         config.test_flags += " -Wl,-rpath," + config.cuda_libdir
     if config.libomptarget_current_target.startswith('amdgcn'):
diff --git a/openmp/libomptarget/test/lit.site.cfg.in b/openmp/libomptarget/test/lit.site.cfg.in
--- a/openmp/libomptarget/test/lit.site.cfg.in
+++ b/openmp/libomptarget/test/lit.site.cfg.in
@@ -12,6 +12,7 @@
 config.library_dir = "@LIBOMPTARGET_LIBRARY_DIR@"
 config.omp_header_directory = "@LIBOMPTARGET_OPENMP_HEADER_FOLDER@"
 config.omp_host_rtl_directory = "@LIBOMPTARGET_OPENMP_HOST_RTL_FOLDER@"
+config.llvm_lib_directory = "@LIBOMPTARGET_LLVM_LIBRARY_DIR@"
 config.operating_system = "@CMAKE_SYSTEM_NAME@"
 config.libomptarget_all_targets = "@LIBOMPTARGET_ALL_TARGETS@".split()
 config.libomptarget_current_target = "@CURRENT_TARGET@"