Sensei Biotherapeutics acquired Faeth Therapeutics in a stock‑for‑stock deal that effectively folded Faeth into Sensei and raised about $200 million via a private placement. The acquisition brings Faeth’s phase II‑stage asset Piktor (an all‑oral PI3Kα/mTOR inhibitor combination) into Sensei’s pipeline and reversed an earlier plan by Sensei to wind down operations. The merger sparked a sharp rally in Sensei’s shares as investors priced in the value of Piktor and the financing. Company statements positioned the move as a rescue and refocus on oncology candidates with multi‑node metabolic and signaling inhibition. Observers will watch clinical data readouts and how the combined balance sheet supports further development.