Ambros Therapeutics and Werewolf Therapeutics agreed to merge via an all-stock deal, raising $150 million in a private placement to fund Ambros’ phase 3 push for a rare disease pain therapy candidate. The transaction sets up the combined company to proceed toward an approval filing, with leadership structured to keep Ambros’ development plan intact. In another reverse merger, Fulcrum Therapeutics and Slate Medicines combined in a $245 million transaction. Slate’s lead candidate targets migraine biology through a subcutaneous monoclonal antibody that blocks PACAP and VIP. The merged entity plans healthy-volunteer and dose-ranging studies, with the arrangement also closing out a strategic review at Fulcrum. Separately, biotech finance coverage showed continued momentum in the IPO pipeline, with a 2026 class of biopharma companies trading above debut levels on average—supporting an environment where capital can move quickly into late preclinical and early clinical programs.