Obsidian, a clinical‑stage cell therapy developer whose lead candidate OBX‑115 is in Phase 2 for advanced melanoma and Phase 1 for non‑small cell lung cancer, will merge into Galera in an all‑stock reverse transaction alongside a $350m private placement financing.
RTW Biotech Opportunities said it is participating in the placement (and, as at 31 March, Obsidian accounted for 0.3% of RTW’s net asset value).
"We are excited to support Obsidian as it enters the public markets through a reverse merger with Galera. Obsidian's cell therapy platform has the potential to meaningfully improve outcomes for oncology patients with solid tumours, and this transaction provides the capital and runway to advance OBX‑115 through key clinical milestones," said Rod Wong, CIO of RTW Investments.
"A reverse merger offers an efficient and attractive pathway for private companies to access the public markets, particularly as the IPO window continues to gradually reopen this year. Looking ahead, the next few months represent a significant period for oncology, with ASCO in May serving as a key inflection point. Several upcoming catalysts have the potential to reshape the standard of care across pancreatic, bladder and breast cancer."
Wednesday's announcement confirms the expectation that the new company will begin trading in Q3 2026.
