Vivek Ramaswamy-backed Ambros Therapeutics to go public through Werewolf reverse merger

Ambros Therapeutics, a chronic-pain biotech co-founded by Vivek Ramaswamy, has agreed to combine with Nasdaq-listed Werewolf Therapeutics in an all-stock reverse merger.

The transaction will create a company operating under the Ambros name and is expected to trade under the ticker AMBX, subject to closing and approvals. The deal is anticipated to close in the first quarter of 2027.

Ambros is developing neridronate, a non-opioid treatment for complex regional pain syndrome type 1 (CRPS-1), a painful rare condition with no approved U.S. therapy. The drug has been used in Italy for more than a decade and has treated roughly 600,000 patients.

Ambros says neridronate has received FDA breakthrough-therapy, fast-track and orphan-drug designations. A Phase 3 readout and potential FDA submission are targeted for 2028.

The merger is being paired with a $150 million private placement, expected to fund the program through the Phase 3 effort and regulatory submission, with runway into the first half of 2029.

Ambros is valued at about $500 million before the transaction, compared with approximately $47.5 million for Werewolf. Existing Werewolf shareholders are expected to own about 6.8% of the combined company, while Ambros shareholders will hold about 71.7%.