RTW Biotech rises as cancer therapy firm agrees to reverse merger
RTW Biotech Opportunities on Wednesday welcomed news of a reverse merger between its portfolio company Obsidian Therapeutics Inc and Galera Therapeutics Inc.
The Guernsey-based investor in the life sciences sector estimated that Obsidian represented 0.3% of RTW Biotech’s net asset value at the end of March.
Galera and Obsidian have entered a definitive merger agreement, with the combined company to list on Nasdaq under the ticker OBX. It will focus on Obsidian’s tumor infiltrating lymphocyte cell therapies for patients with solid tumors.
‘Obsidian’s lead product candidate, OBX-115, is a genetically engineered, autologous TIL cell therapy currently in a phase 2 clinical trial for the treatment of advanced melanoma and a phase 1 clinical trial for the treatment of non-small cell lung cancer,’ noted Galera in its announcement of the deal.
OBX-115 currently has secured fast-track and regenerative medicine advanced therapy status from the US Food & Drug Administration for unresectable or metastatic melanoma that is resistant to immune checkpoint inhibitor therapy.
The merger is an all-stock transaction, expected to close in the third quarter of 2026. This will take place alongside a $350 million private placement fundraise, in which RTW Biotech is participating.
RTW Investments Chief Information Officer Rod Wong commented: ‘We are excited to support Obsidian as it enters the public markets through a reverse merger with Galera. Obsidian’s cell therapy platform has the potential to meaningfully improve outcomes for oncology patients with solid tumours, and this transaction provides the capital and runway to advance OBX-115 through key clinical milestones.
‘A reverse merger offers an efficient and attractive pathway for private companies to access the public markets, particularly as the IPO window continues to gradually reopen this year,’ Wong added.
RTW Biotech shares rose 1.1% to $2.16 on Wednesday morning in London.
Copyright 2026 Alliance News Ltd. All Rights Reserved.