LONDON: RTW Biotech Opportunities Ltd, a London-listed investment company focused on the life sciences sector, said Tuesday that portfolio company Obsidian Therapeutics Inc. has agreed to merge with Galera Therapeutics Inc. in a reverse merger that includes a $350 million private placement.
The transaction is expected to close in the third quarter of 2026. The combined company will operate as Obsidian Therapeutics and trade on the Nasdaq under the ticker symbol “OBX.”
Obsidian, a clinical-stage biopharmaceutical company, is developing cell therapies for solid tumors using protein-regulation technology. Its lead candidate, OBX-115, is in a Phase 2 trial for advanced melanoma and a Phase 1 trial for non-small cell lung cancer.
The all-stock merger is concurrent with a $350 million private placement financing, in which RTW Biotech Opportunities is participating. As of March 31, 2026, Obsidian represented 0.3% of the company’s net asset value.
Rod Wong, chief investment officer of RTW Investments, said the reverse merger provides an efficient pathway to public markets as the IPO window gradually reopens. He noted that upcoming clinical catalysts, including the American Society of Clinical Oncology meeting in May, could reshape standards of care in pancreatic, bladder and breast cancer.
The financing is expected to fund the combined company into the second half of 2028, supporting multiple data milestones including non-small cell lung cancer Phase 1 data expected in the first half of 2027 and melanoma registration-enabling data expected by the end of 2027.