Obsidian Therapeutics finalizes reverse merger with Galera, secures $350M PIPE, and debuts on Nasdaq as OBX
Summary
On August 3, 2026, Obsidian Therapeutics completed its reverse merger with Galera Therapeutics, raised $350 million in a concurrent PIPE, and listed on Nasdaq as OBX. The combined company is now a publicly traded biotech advancing TIL cell therapies.
Key Events · M&A and Partnerships · OBX
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Merger Completion
The reverse merger with Galera Therapeutics closed on August 3, 2026, leaving Legacy Obsidian securityholders with a 51.6% stake in the combined company, now operating as Obsidian Therapeutics (formerly Gazelle Parent).
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$350M PIPE Financing
A concurrent PIPE financing raised $350 million through the sale of Series C Preferred Stock, which converted into 29.2 million shares of Parent Common Stock, representing 47.2% ownership.
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Nasdaq Listing
Parent Common Stock was approved for trading on the Nasdaq Capital Market under ticker OBX, with trading expected to commence on August 4, 2026.
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New Leadership and Governance
Madan Jagasia was appointed CEO, and the board was reconstituted with seven directors, including Maria Fardis as Chair. A new equity incentive plan reserves 7.5 million shares for future grants.
Analysis · OBX · Life Sciences
Obsidian Therapeutics has completed its reverse merger with Galera Therapeutics, emerging as a publicly traded, clinical-stage biotech focused on engineered TIL cell therapies. The deal brings in $350 million from a concurrent PIPE financing, providing substantial runway. Legacy Obsidian securityholders own 51.6% of the combined company, with PIPE investors holding 47.2%. The new entity begins trading on Nasdaq under ticker OBX on August 4, 2026, with a fully reconstituted board and management team led by CEO Madan Jagasia. This transformative event fundamentally alters the company's capital structure, governance, and strategic direction.
At the time of this filing, OBX was trading at $26.00 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $30.1M. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.