LEI: 549300Q7EXQQH6KF7Z84

5 August 2026

RTW Biotech Opportunities Ltd

Obsidian Therapeutics merges with Galera

·      Obsidian goes public via reverse merger with Galera

·      Combined company trades on Nasdaq under "OBX" following a $350m private financing

·      Proceeds expected to fund operations into the second half of 2028

RTW Biotech Opportunities Ltd ("RTW Bio" or the "Company"), the London Stock Exchange-listed investment company focused on identifying transformative assets with high growth potential across the life sciences sector, is pleased to note the announcement by private portfolio company Obsidian Therapeutics ("Obsidian"), of the completion of its previously announced merger with public company Galera Therapeutics Inc. ("Galera" "GRTX") and the concurrent private financing totalling approximately $350 million.

Obsidian is a clinical-stage biopharmaceutical company harnessing protein-regulation technology to develop 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 Bio first invested $2.1 million in Obsidian's Series C financing in March 2024 and an additional $0.4 million in a PIPE financing occurring prior to the merger.

The combined company operates as Obsidian Therapeutics, Inc. and began trading on the Nasdaq under the ticker "OBX" on 4 August 2026. Based on the closing share price on the first day of trading of $34.00, this investment represents a 2.5x MOIC and 170% uplift to carrying value for RTW Bio. This uplift is equivalent to $3.9 million or 0.4% of the 30 June NAV.

Rod Wong, CIO of RTW Investments, said, "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. In the space of a few weeks, Yarrow has listed via Vyne, Obsidian has gone public through Galera, and Serapha Bio's merger with Boundless Bio is expected to close by year-end. We see reverse mergers as a repeatable, effective route to value creation for our shareholders. Supported by a strong capital position, Obsidian's differentiated protein regulation platform and lead cell therapy candidate, OBX-115, position it to address significant unmet needs for patients with solid tumours. We look forward to supporting the company through this next phase."

The announcement can be found here.

RTW Bio's previous announcement can be found here.

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About RTW Biotech Opportunities Ltd:

RTW Biotech Opportunities Ltd (LSE: RTW) is an investment fund focused on identifying transformative assets with high growth potential across the biopharmaceutical and medical technology sectors. Driven by a long-term approach to support innovative businesses, RTW Biotech Opportunities Ltd invests in companies developing next-generation therapies and technologies that can significantly improve patients' lives. RTW Biotech Opportunities Ltd is managed by RTW Investments, LP, a leading healthcare-focused entrepreneurial investment firm with deep scientific expertise and a strong track record of supporting companies developing life-changing therapies.

Visit the website at www.rtwbio.com for more information.

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The information in this announcement may include forward-looking statements, which are based on the current expectations and projections about future events, and in certain cases can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "believe" (or the negatives thereon) or other variations thereon or comparable terminology. These forward-looking statements, as well as those included in any related materials, are subject to risks, uncertainties and assumptions about the Company and/or its underlying investments, including, among other things, the development of the applicable entity's business, trends in its operating industry, expected use of financing proceeds and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur.