Slate Medicines closed a $130 million Series A to advance a PACAP‑targeting migraine therapy licensed from Guangzhou‑based DartsBio Pharmaceuticals, seeking to develop a subcutaneous injection that could help patients not responding to CGRP inhibitors. The financing—led by RA Capital, Forbion and Foresite Capital—will fund IND‑enabling work and Phase 1 testing planned for mid‑2026. Slate’s program pursues a PACAP mechanism distinct from CGRP; the move underscores a wave of China‑sourced assets being developed in western biotech hubs and reflects investor interest in differentiated migraine approaches.