Cell Therapy Biotech Obsidian Merges with Galera to Go Public

The combined company will operate as Obsidian Therapeutics and trade on Nasdaq under the ticker 'OBX'.

Apr. 14, 2026 at 3:20pm

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A photorealistic studio still life featuring a single, polished glass beaker or test tube filled with a glowing, luminescent liquid on a clean, monochromatic background, conceptually representing the advanced cell therapy technology at the center of this business story.A glowing, luminescent cell therapy beaker symbolizes the promise of advanced cancer treatments emerging from this biotech merger.Cambridge Today

Oncology-focused Obsidian Therapeutics has agreed to a reverse merger with Galera Therapeutics, a biotech that had been exploring liquidation after the FDA rejected one of its drug candidates. The all-stock transaction includes a $350 million private placement to fund the combined company through 2028 as Obsidian aims to advance its tumor-infiltrating lymphocyte (TIL) cell therapies.

Why it matters

The merger provides a path forward for Galera after its setback, while giving Obsidian a public listing to support the development of its promising TIL cell therapy pipeline. TILs have shown therapeutic potential in metastatic melanoma, but toxicity and limitations beyond that indication have hindered their broader impact - Obsidian believes its engineered TIL approach can unlock more of their power.

The details

Obsidian's lead candidate, OBX-115, is a genetically engineered TIL cell therapy currently in phase 2 for advanced melanoma and phase 1 for non-small cell lung cancer (NSCLC). The $350 million private placement will fund the NSCLC trial, expected to conclude in the first half of 2027, as well as the presentation of topline data from the melanoma trial by year-end. OBX-115 has received fast track and regenerative medicine advanced therapy designations from the FDA.

  • Galera began exploring strategic alternatives in 2023 after the FDA rejected its radiotherapy complication drug.
  • Galera subsequently cut 70% of its staff and halted all clinical trial activity while seeking strategic alternatives.
  • The reverse merger and $350 million private placement were announced on April 14, 2026.

The players

Obsidian Therapeutics

An oncology-focused biotech company aiming to advance tumor-infiltrating lymphocyte (TIL) cell therapies, including its lead candidate OBX-115.

Galera Therapeutics

A biotech company that had been exploring liquidation after the FDA rejected one of its drug candidates, but has now found a path forward through the reverse merger with Obsidian.

Madan Jagasia, M.D.

The current CEO of Obsidian Therapeutics, who will lead the combined company.

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What they’re saying

“We believe OBX-115 offers an opportunity to provide patients with an improved TIL product and patient experience.”

— Madan Jagasia, M.D., CEO, Obsidian Therapeutics

What’s next

The combined company will apply to trade on Nasdaq under the ticker symbol 'OBX' and support both Obsidian's and Galera's pipelines going forward.

The takeaway

This reverse merger provides a lifeline for Galera after its setback, while giving Obsidian a public listing to advance its promising TIL cell therapy approach. The combined company will aim to unlock more of the therapeutic potential of TILs, which have shown promise in metastatic melanoma but face limitations in other cancer types.