Obsidian Therapeutics and Galera Therapeutics announced a definitive merger agreement on April 14, 2026, with Obsidian going public through the reverse merger1
The combined company will operate as Obsidian Therapeutics and trade on Nasdaq under ticker symbol 'OBX'1
A concurrent $350 million private placement (PIPE) was secured to fund operations into the second half of 20281
Pro forma ownership will be approximately 53.2% Obsidian equityholders, 45% PIPE investors, and 1.8% Galera legacy shareholders2
Obsidian's lead product candidate OBX-115 is a genetically engineered, autologous TIL cell therapy in Phase 2 trials for advanced melanoma and Phase 1 trials for non-small cell lung cancer (NSCLC)3
Phase 1 NSCLC data is expected in the first half of 2027 and melanoma registration-enabling trial topline data by year-end 20272
Galera had been exploring strategic alternatives since 2023 after an FDA rejection of its radiotherapy complication drug avasopasem1
The transaction is expected to close by the third quarter of 2026, subject to stockholder approval and Nasdaq listing approval6
Sources:
1. https://www.fiercebiotech.com/biotech/cell-therapy-biotech-obsidian-leverages-galera-reverse-merger-go-public
2. https://www.channelchek.com/news-channel/obsidian-therapeutics-goes-public-through-galera-merger-lands-350-million-to-fuel-cell-therapy-pipeline
3. https://obsidiantx.com/news-releases/obsidian-therapeutics-and-galera-therapeutics-announce-merger-agreement-and-350-million-concurrent-private-placement/
6. https://www.investing.com/news/company-news/galera-therapeutics-to-merge-with-obsidian-in-350m-deal-93CH-4613534