Galera and Obsidian to Merge with $350M Financing

Galera Therapeutics and Obsidian Therapeutics have entered into a definitive merger agreement to combine in an all-stock transaction. The companies will become wholly owned subsidiaries of a newly formed company, which plans to operate as Obsidian Therapeutics, Inc. and apply to trade on Nasdaq under ticker OBX.

The deal includes a concurrent private placement expected to generate total gross proceeds of $350 million from a syndicate of new investors. The financing is expected to fund the combined company into the second half of 2028 and through multiple clinical data milestones in 2027, including NSCLC Phase 1 data expected in 1H 2027 and melanoma registration-enabling data expected by year-end 2027.

Obsidian’s lead candidate OBX-115 is a genetically engineered, autologous TIL cell therapy in Phase 2 for advanced melanoma and Phase 1 for non-small cell lung cancer.