Galera Therapeutics Merges with Obsidian, Secures $350M Financing

Galera Therapeutics and Obsidian Therapeutics announced a definitive merger agreement in an all-stock transaction, forming a combined entity named Obsidian Therapeutics, Inc. The merger is supported by an oversubscribed $350 million private placement financing, expected to fund the combined company's operations into the second half of 2028. This funding provides runway through key clinical milestones for Obsidian's lead candidate, OBX-115, including Phase 1 NSCLC data in 1H 2027 and melanoma registration-enabling data by year-end 2027. Galera stockholders will receive a contingent value right for 95% of future milestones from its dismutase mimetics asset.