Ambros Therapeutics and Werewolf Therapeutics agreed to a definitive merger that pairs Werewolf’s listing vehicle with Ambros’s later-stage bisphosphonate neridronate for complex regional pain syndrome type 1. The deal includes an oversubscribed $150 million private placement, and the combined company is expected to trade on Nasdaq as AMBX after closing. The companies framed neridronate as having FDA Breakthrough Therapy, Fast Track, and Orphan Drug designations, with topline data from the pivotal Phase III CRPS-RISE trial expected to fund further development toward a potential FDA approval pathway. For rare disease biotech, the structure illustrates how smaller companies are using mergers and listing shells to access capital without a traditional IPO, while consolidating clinical execution under a single entity. From an industry lens, the transaction may signal continuing investor appetite for late-stage assets with clear regulatory designations, particularly where trial endpoints and timelines can be tied to near-term data readouts.