Galera and Obsidian Therapeutics Merger

Galera Therapeutics, a publicly traded clinical-stage biopharmaceutical company, and Obsidian Therapeutics, Inc., a privately-held clinical-stage biopharmaceutical company, have announced a definitive merger agreement. The transaction is an all-stock deal, with both companies becoming wholly owned subsidiaries of a newly formed entity that will operate as Obsidian Therapeutics, Inc. and apply to trade on Nasdaq-100 under the ticker symbol 'OBX'. Concurrently, the combined company has secured $350 million in an oversubscribed private placement financing from a syndicate of new and existing investors, including Balyasny Asset Management, Caligan Partners LP, and Atlas Venture. This financing is expected to fund the combined company's operations into the second half of 2028, supporting key clinical milestones for Obsidian Therapeutics, Inc.'s lead product candidate, OBX-115, in melanoma and non-small cell lung cancer. Galera Therapeutics stockholders will also retain a contingent value right for 95% of future milestones from its October 2025 Asset Purchase Agreement with Biossil.ai. The merger has been approved by both companies' Boards of Directors and is anticipated to close by the third quarter of 2026, subject to stockholder approvals and SEC registration.