Pharma BD Deal Intelligence

Ambros Therapeutics, Inc. / Werewolf Therapeutics, Inc.

2026 · Reverse Merger · $150M · Pending

Werewolf Therapeutics (Nasdaq: HOWL) and Ambros Therapeutics signed a definitive all-stock merger agreement; the combined company will operate as Ambros and trade on Nasdaq under ticker AMBX. The transaction includes a concurrent oversubscribed $150 million private placement co-led by RA Capital Management and Janus Henderson Investors, extending cash runway into the first half of 2029. Werewolf shareholders will own approximately 6.8% of the combined entity and Ambros stockholders approximately 71.7%. Ambros's lead asset neridronate targets CRPS-1 and holds FDA Breakthrough Therapy, Fast Track and Orphan Drug designations, supported by two prior Italian Phase 3 trials. The deal is expected to close by the first quarter of 2027, subject to shareholder and Nasdaq approvals.

This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2031 at the earliest for this deal, once/if it closes.

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