Slate, Fulcrum to combine in reverse merger

An article from Slate, Fulcrum to combine in reverse merger Fulcrum announced in June it would seek strategic alternatives after U.S. regulators expressed concern over the viability of its sickle cell drug. Published Aug.

17, 2026 Gwendolyn Wu Senior Reporter Share Copy link Email LinkedIn X/Twitter Facebook Print License Add us on Google Headache drug specialist Slate Medicines said Monday it will combine with struggling biotechnology firm Fulcrum Therapeutics, two months after the latter announced it was seeking strategic alternatives following the discontinuation of its sickle cell drug. Fulcrum spent years developing pociredir, a drug that boosts fetal hemaglobin levels by inhibiting a group of proteins called PRC2 in patients with sickle cell disease. The biotech theorized that doing so would prevent the malformation of red blood cells and thus reduce the rate of vaso-occlusive crises, the sudden, severe pain that occurs when sickle-shaped blood cells block blood flow.

The Food and Drug Administration previously hit Fulcrum with a six-month trial hold over concerns that targeting PRC2 could heighten the risk of developing hematological cancers. In June, Fulcrum said it would discontinue development of pociredir after regulators expressed worries over the rate of development of secondary blood cancers in patients on Ipsen’s Tazverik, which worked similarly to Fulcrum’s drug. (Tazverik was pulled from market in March.) Fulcrum has now found a new home in Slate, which started up earlier this year.

The young biotech raised $130 million from backers like RA Capital Management and Forbion to fund testing of an experimental medicine that targets a protein called PACAP. Rather than go after CGRP, a popular target for other pharmaceutical companies developing headache drugs, Slate is trying to develop a PACAP inhibitor to treat migraines in patients who don’t respond to approved treatments. That experimental medicine, licensed from a Chinese pharmaceutical firm and codenamed “SLTE-1009,” will soon start Phase 1 testing.

An additional $245 million financing announced Monday will help Slate with developing another monoclonal antibody it’s testing to treat migraines, as well as a third undisclosed program. The merger gives Fulcrum “a compelling opportunity to participate in the development of a portfolio of next generation migraine therapeutics,” said Alex Sapir, Fulcrum’s CEO, in a statement. According to Monday’s announcement, Fulcrum’s pre-merger shareholders will receive a cash dividend “equal to the amount by which Fulcrum's net cash exceeds $20.3 million.” The company held just over $333 million in cash, cash equivalents and securities at the end of the first quarter of 2026.

Fulcrum stockholders will own 5% of the combined company, while Slate’s investors hold onto 95% of shares. Gregory Oakes, Slate’s CEO, will head the merged company. The new biotech will operate under Slate’s name and trade on Nasdaq under the ticker symbol “SLTE.” The deal is expected to close by the end of 2026.

Recommended Reading Slate starts up with $130M and a headache drug from China By Gwendolyn Wu • Feb. 24, 2026 Add us on Google Share Copy link Email LinkedIn X/Twitter Facebook Print License Filed Under: Deals