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Werewolf Therapeutics (HOWL) shares more than doubled Friday morning after the company disclosed a definitive merger agreement with privately held Ambros Therapeutics, leaving existing HOWL shareholders with 6.8% of the combined entity.
Investors committed $150 million in an oversubscribed PIPE alongside the deal, the company said in a press release. Ambros holders receive 71.7% of the combined company.
Current Werewolf shareholders, who own the public vehicle that makes the transaction possible, land at 6.8%, the release shows.
Neridronate: the asset behind the move Investors reacted to the merger because it gives Werewolf access to neridronate, a late-stage compound in Ambros's pipeline for Complex Regional Pain Syndrome Type 1, or CRPS-1.
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