Fulcrum Therapeutics agreed to combine with Slate Medicines through a $245 million reverse merger, creating a fast route to public markets for Slate’s migraine asset SLTE-1009. The program is a subcutaneous monoclonal antibody designed to block PACAP and VIP neuropeptides implicated in migraine pathology. The transaction includes a concurrent, oversubscribed $245 million private placement and is structured to fund operations into 2029, including a Phase I healthy volunteer study and a Phase II dose-ranging trial for SLTE-1009. Slate’s lead asset originates from a license from DartsBio Pharmaceuticals prior to Slate’s initial financing. For Fulcrum, the deal closes out its strategic review after it discontinued a sickle-cell drug development path following safety concerns tied to FDA feedback. The combined ownership split—about 5% for former Fulcrum shareholders and 95% for Slate shareholders—highlights how the structure repositions the public entity around next-generation migraine biology.