Slate Uses Fulcrum to Join Nasdaq With $245M Financing for Migraine Trials

Slate Medicines is merging with Nasdaq‑listed Fulcrum Therapeutics (FULC) in an all‑stock reverse merger, with the combined company to trade on Nasdaq under the ticker SLTE.

The deal is supported by a $245 million private placement led by Frazier Life Sciences, with a syndicate of healthcare investors including Forbion, RA Capital Management, Deep Track Capital, Foresite Capital, OrbiMed, RTW Investments and Mingxin Capital.

Slate’s lead asset, SLTE‑1009, a subcutaneous anti‑PACAP/VIP monoclonal antibody for migraine prevention, is cleared to enter Phase 1 in Australia, with initial safety and PK data expected mid‑2027 and a Phase 2 migraine study planned for later that year.

Pre‑merger Fulcrum shareholders are to receive about a 5% stake in the combined company plus an estimated $270 million cash dividend, while Slate’s investors will hold roughly 95%; the deal is expected to close in Q4 2026, subject to approvals.