Galera and Obsidian Announce $350M Merger, Advancing Novel TIL Therapies

Combined company to focus on Obsidian's pipeline of engineered tumor infiltrating lymphocyte (TIL) cell therapies.

Apr. 14, 2026 at 8:08pm

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A photorealistic studio still life featuring a polished metal syringe, a glass vial, and a sleek medical device, conceptually representing the advanced cell therapy technology at the center of this business merger.The merger of Galera and Obsidian aims to accelerate the development of novel engineered TIL cell therapies for solid tumors.Cambridge Today

Galera Therapeutics and Obsidian Therapeutics have entered into a definitive merger agreement to combine in an all-stock transaction, with the combined company operating under the Obsidian Therapeutics name and trading on Nasdaq. The transaction is supported by a $350 million private placement financing, which is expected to fund the combined company into the second half of 2028 and provide capital through multiple clinical data milestones for Obsidian's lead product candidate, OBX-115, a genetically engineered TIL cell therapy.

Why it matters

The merger brings together Galera's clinical-stage assets with Obsidian's proprietary cytoDRIVE platform for developing engineered TIL cell therapies, creating a combined company focused on advancing novel treatments for solid tumors. The infusion of $350 million in new capital is expected to accelerate the development of Obsidian's pipeline and support key clinical milestones for OBX-115 in melanoma and non-small cell lung cancer.

The details

Under the terms of the merger agreement, Galera stockholders will retain a contingent value right for 95% of all future milestones arising from Galera's previous asset purchase agreement. The combined company plans to operate under the Obsidian Therapeutics name and will be led by Madan Jagasia, M.D., Obsidian's current CEO. Obsidian's Board of Directors will become directors of the combined company, chaired by Maria Fardis, Ph.D., M.B.A., CEO of AirNexis Therapeutics.

  • The transaction is expected to close by the third quarter of 2026.
  • Phase 1 data from the ongoing NSCLC trial for OBX-115 is expected in the first half of 2027.
  • Topline data from the melanoma registration-enabling trial for OBX-115 is expected by year-end 2027.

The players

Obsidian Therapeutics, Inc.

A privately-held clinical-stage biopharmaceutical company harnessing novel protein-regulation technology to develop engineered tumor infiltrating lymphocyte (TIL) cell therapies.

Galera Therapeutics, Inc.

A clinical-stage biopharmaceutical company focused on advancing a pan-NOS inhibitor through clinical development for patients with the hardest-to-treat forms of advanced breast cancer.

Madan Jagasia, M.D.

Chief Executive Officer of Obsidian Therapeutics.

Maria Fardis, Ph.D., M.B.A.

Chief Executive Officer of AirNexis Therapeutics and chair of the combined company's Board of Directors.

J. Mel Sorensen, M.D.

Chief Executive Officer of Galera Therapeutics.

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What they’re saying

“At Obsidian, we are striving to deliver a best-in-class TIL cell therapy developed using our proprietary protein-regulation technology. We believe OBX-115 offers an opportunity to provide patients with an improved TIL product and patient experience. This transaction and the support from leading life sciences investors will allow us to advance our development plans for OBX-115 in melanoma and NSCLC.”

— Madan Jagasia, M.D., Chief Executive Officer of Obsidian Therapeutics

“We believe this transaction with Obsidian is the best path forward for Galera and look forward to the combined company's success. Obsidian's pipeline of novel engineered TIL cell therapies and its promising lead product candidate, OBX-115, offer near-term, value creating milestones for Galera stockholders.”

— J. Mel Sorensen, M.D., Chief Executive Officer of Galera Therapeutics

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This merger brings together Galera's clinical assets with Obsidian's innovative TIL cell therapy platform, creating a combined company poised to advance novel treatments for solid tumors. The infusion of $350 million in new capital is expected to accelerate the development of Obsidian's pipeline and support key clinical milestones for its lead candidate, OBX-115.