Firm Advises Novo Holdings on Obsidian’s Oversubscribed $160.5 Million Series C

On April 3, 2024, Obsidian Therapeutics, Inc., a clinical-stage biotechnology company pioneering engineered cell and gene therapies, announced the close of an oversubscribed $160.5 million Series C financing led by new investor Wellington Management with participation from Foresite Capital, Janus Henderson Investors, Novo Holdings A/S, Paradigm BioCapital, RTW Investments, funds and accounts advised by T. Rowe Price Associates, Inc., and Woodline Partners LP. Existing investors Atlas Venture, Blue Owl Healthcare Opportunities, Bristol Myers Squibb, Deep Track Capital, Logos Capital, RA Capital Management, TCGX, Samsara BioCapital, and Surveyor Capital (a Citadel company) also participated in the financing. Wilson Sonsini Goodrich & Rosati advised investor Novo Holdings on the transaction.

Proceeds from the financing will advance Obsidian’s lead engineered tumor-infiltrating lymphocyte (TIL) program, OBX-115, in its ongoing trials for patients with melanoma and non-small cell lung cancer (NSCLC). The company is focused on enrolling patients and reaching key clinical and regulatory milestones, as well as manufacturing scale-up ahead of pivotal trial readiness.

The Wilson Sonsini team that advised Novo Holdings on the transaction included Dan Koeppen and Kassandra Castillo.

For more information, please see Obsidian Therapeutics’ press release.