Galera Therapeutics Completes Acquisition of Nova Pharmaceuticals

Galera Therapeutics, a biopharmaceutical company focused on oncology treatment advancements, has announced the completion of its acquisition of Nova Pharmaceuticals. This strategic acquisition marks a significant shift in Galera's development strategy towards treating highly resistant subsets of advanced breast cancer. The primary focus lies in the clinical stage development of a pan-Nitric Oxide Synthase (NOS) inhibitor, intending to integrate it with standard-of-care treatments for metaplastic breast cancer. The company's newly acquired lead program is a sponsored Phase 1/2 trial, supported by data from Houston Methodist Hospital. In parallel, Galera plans to launch a second trial focusing on triple-negative breast cancer in collaboration with the I-SPY 2 consortium, and a third trial on HR+ advanced breast cancer patients with a focus on those resistant to conventional therapies. Galera's acquisition of Nova includes a financial arrangement where approximately $3 million was invested by a syndicate led by Ikarian Capital. This financing is aimed at sustaining Galera's operations through 2026. The merger includes the issuance of multiple stock categories and the restructuring of the board of directors to integrate Nova's leadership and expertise. Legal counsel and financial advisory services were provided by Stifel, Nicolaus & Company and Sidley Austin LLP, among others. Overall, Galera intends to leverage its expanded portfolio of NOS inhibitors and dismutase mimetics to develop new clinical approaches for treating aggressive breast cancers. This transaction is part of an ongoing strategy to utilize academic partnerships and grants for comprehensive and cost-efficient clinical trials, with the expectation of data readouts in the coming months.