One of Israel Englander's Biotech Picks Just Turned Into a $500M Merger Story

Werewolf Therapeutics, Inc. (NASDAQ: HOWL ) was one of the market’s biggest pre-market movers on Friday after announcing a merger with Ambros Therapeutics . The rally — shares soared by about 75% in premarket trading — marks a dramatic turnaround for a biotech that spent much of this year exploring strategic options, including a sale. It also shines a spotlight on one of billionaire investor Israel Englander ‘s lesser-known biotech holdings.

The all-stock transaction values San Diego-based Ambros at $500 million and assigns Werewolf an implied equity value of $47.5 million. The companies also secured an oversubscribed $150 million private placement led by healthcare-focused investors, providing fresh capital to advance Ambros’ lead drug candidate through late-stage devel...