RTW Biotech investee Obsidian debuts on Nasdaq after Galera deal

RTW Biotech Opportunities Ltd on Wednesday noted its investee Obsidian Therapeutics Inc has gone public on the Nasdaq in New York following a reverse merger with Galera Therapeutics Inc.

Life sciences sector-focused investor RTW Biotech welcomed the announcement of the merger in April and expects proceeds to fund Obsidian's operations into the second half of 2028.

A USD350 million private placement fundraise took place alongside the all-share merger.

Obsidian shares closed at USD34.00 in New York on Tuesday, its first trading day. RTW Biotech said this price represents an almost three-fold uplift to its carrying value.

Obsidian is a clinical-stage biopharmaceutical company focused on the development of cell therapies for the treatment of patients with solid tumours.

Its lead product candidate, OBX-115, is currently in a phase 2 trial for the treatment of advanced melanoma and a phase 1 trial for the treatment of non-small cell lung cancer, RTW Biotech noted.

RTW Biotech first invested USD2.1 million in Obsidian in March 2024 and an extra USD400,000 prior to the merger.

Obsidian Chief Executive Officer Madan Jagasia said: "The completion of the merger with Galera and closing of our USD350 million private placement marks a transformative milestone that propels Obsidian into its next stage of growth."

RTW Investments Chief Information Officer Rod Wong commented: "Obsidian's public listing via reverse merger with Galera is a strong outcome for RTW Bio shareholders and a further demonstration of our ability to bring private portfolio companies to public markets via reverse merger.

"We see reverse mergers as a repeatable, effective route to value creation for our shareholders."

Shares in RTW were flat at USD2.48 each in London on Wednesday afternoon.

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