Corxel, Amanat Plan $377M Obesity-Drug Merger

Corxel US and Amanat Acquisition Corp signed a definitive business combination agreement to take Corxel's obesity business public at an implied equity value of $200 million. The transaction is expected to generate about $377 million in gross proceeds, including roughly $300 million in PIPE financing and $75 million from Amanat's trust account, assuming no shareholder redemptions and before expenses. An 8-K filed with the SEC disclosed the combination, PIPE subscription agreements, and a sponsor letter agreement. Proceeds are expected to fund operations through 2029. CX11, a once-daily oral GLP-1 receptor agonist for obesity and related metabolic and cardiometabolic conditions including type 2 diabetes, produced up to 11.5% mean weight reduction at Week 36 in a Phase 2 study. The company says it aligned with the FDA on key aspects of the regulatory pathway and Phase 3 trial design and plans to advance CX11 into global Phase 3 trials. CX12, an oral amylin receptor agonist in preclinical development, is planned for an IND clearance request in the first half of 2027. Closing is expected in the first half of 2027, subject to shareholder approval, regulatory and Nasdaq requirements, and other conditions. CONTESTED no contested claims found