Key facts
- Corxel Pharmaceuticals will merge with Amanat Acquisition Corp to go public.
- The deal is expected to provide Corxel with approximately $377 million.
- Institutional investors have committed $300 million to the transaction.
- Corxel's lead drug candidate, CX11, targets obesity and type 2 diabetes.
- The combined company is expected to list on the Nasdaq.
- The merger is anticipated to close in the first half of 2027.
Corxel Pharmaceuticals, a developer of obesity drugs, announced on Monday that it will merge with special purpose acquisition company Amanat Acquisition Corp to become a publicly traded entity in the US. The transaction is expected to provide Corxel with approximately $377 million through the SPAC deal and a concurrent private investment in public equity, with institutional investors already committing $300 million. Corxel's lead candidate, CX11, is currently in development for obesity, type 2 diabetes, and related cardiometabolic conditions. The companies anticipate closing the deal in the first half of 2027, with the combined entity likely to be listed on the Nasdaq.