Werewolf Therapeutics, Inc. (HOWL) has entered into a definitive merger agreement with Ambros Therapeutics, Inc. Under the terms of the agreement, Ambros will merge with a subsidiary of Werewolf and become a wholly owned subsidiary. The transaction is supported by a concurrent $150 million Private Investment in Public Equity (PIPE) financing.
Key Details
- Transaction: Werewolf Therapeutics will merge with Ambros Therapeutics in an all-stock transaction dated August 21, 2026. The combined company will operate under the Ambros Therapeutics name.
- Valuation & Ownership: The merger implies a valuation of approximately $500.0 million for Ambros and $47.5 million for Werewolf. Post-merger, pre-merger Ambros stockholders will own approximately 71.7%, PIPE investors will own 21.5%, and pre-merger Werewolf equityholders will own 6.8% of the combined company on a fully diluted basis.
- Concurrent Financing: Concurrently with the merger agreement, Werewolf secured commitments for a $150.0 million PIPE financing from institutional and accredited investors, which is expected to close immediately prior to the merger.
- Contingent Value Rights (CVRs): Existing Werewolf stockholders will receive non-transferable CVRs, entitling them to potential cash payments related to Werewolf's legacy assets, WTX-124 and WTX-330.