CAMBRIDGE, MA & MALVERN, PA — Galera Therapeutics, Inc. (OTC: GRTX) and Obsidian Therapeutics, Inc. recently entered into a definitive merger agreement in an all-stock transaction and secured commitments for $350 million in private financing to advance Obsidian’s cell therapy pipeline.
The combined company will operate as Obsidian Therapeutics, Inc. and plans to list on Nasdaq under the ticker symbol “OBX.”
The private placement, which is expected to close prior to the merger, includes participation from multiple institutional investors and is intended to fund operations into the second half of 2028.
The companies said the financing will support development of Obsidian’s lead product candidate, OBX-115, an engineered tumor-infiltrating lymphocyte therapy currently in Phase 2 trials for advanced melanoma and Phase 1 trials for non-small cell lung cancer.
Key clinical milestones expected include Phase 1 lung cancer data in the first half of 2027 and registration-enabling melanoma data by year-end 2027.
The merger will result in pre-closing Obsidian stockholders owning approximately 53.2% of the combined company, with private placement investors expected to hold about 45.0% and Galera stockholders about 1.8%, subject to adjustments.
Galera stockholders will also receive contingent value rights tied to potential future milestone payments related to a prior asset sale agreement with Biossil.ai.
The transaction has been approved by both companies’ boards and is expected to close in the third quarter of 2026, subject to stockholder approval and other customary conditions, including regulatory filings with the U.S. Securities and Exchange Commission.
Following the merger, Obsidian Chief Executive Officer Madan Jagasia will lead the combined company, and its board will be chaired by Maria Fardis, chief executive officer of AirNexis Therapeutics.
Obsidian is developing engineered TIL cell therapies using its protein-regulation platform, while Galera has focused on therapies targeting advanced cancers, including breast cancer.
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