Sensei Biotherapeutics acquired Faeth Therapeutics in an all‑stock deal that effectively functions as a reverse merger and generated a $200 million private placement as part of the transaction. The move transferred Faeth’s phase‑2 cancer metabolism asset into Sensei’s pipeline and provided fresh capital to stabilize the previously struggling company. The deal follows a period in which Sensei had considered winding down; management framed the merger as a strategic rescue that adds a clinical‑stage oncology program and buys runway. The combined company will integrate Faeth’s science with Sensei’s platform ambitions while investors monitor clinical timelines and execution against a challenging oncology funding backdrop.