Ambros Therapeutics agreed to merge with Werewolf Therapeutics in an all-stock deal after Werewolf’s search for strategic alternatives, while raising $150 million to support a Phase 3 path for its lead rare-disease drug candidate. Separately, Fulcrum Therapeutics pursued a public-market route through a $245 million reverse merger with Slate Medicines, with Slate shareholders expected to control the combined company and provide funding for clinical progress in migraine.