Slate Medicines announced a reverse merger with Fulcrum Therapeutics and a $245 million financing to build out a migraine pipeline after Fulcrum exited its sickle cell program. The combined plan centers on SLTE-1009, a PACAP inhibitor candidate expected to enter Phase 1, alongside additional undisclosed programs. The transaction structure leaves Fulcrum shareholders with a 5% stake and places Slate’s investors at 95%, according to the company’s announcement. The move signals renewed focus on next-generation migraine mechanisms as investors reprice early-stage platforms. —