Key Highlights

  • Amanat Acquisition Corp (NASDAQ:AMAN) and Corxel US signed a definitive business combination agreement.
  • A PIPE of about $300 million plus roughly $75 million of trust funds is expected to provide about $377 million in gross proceeds.
  • Lead candidate CX11 is an oral GLP-1 receptor agonist with Phase 2 weight loss of up to 11.5% at Week 36.
  • Completion is expected in the first half of 2027.

Amanat Acquisition Corp (NASDAQ:AMAN), a special purpose acquisition company, and Corxel Pharmaceuticals, Inc. (Corxel US) announced on 26 October 2026 a definitive business combination agreement to create a publicly listed, obesity-focused biopharmaceutical company. The combined company is expected to be listed on the Nasdaq Capital Market under a new name and ticker, with completion targeted for the first half of 2027.

Financing and Transaction Terms

The transaction includes approximately $75 million held in Amanat's trust account and commitments for a concurrent private investment in public equity (PIPE) expected to total about $300 million. Investors named include RTW Investments, NEA, SR One, Mirae Asset Capital Life Science, HBM Healthcare Investments, RA Capital Management and others. Together, the funds are expected to provide about $377 million in gross proceeds before transaction costs, assuming no redemptions by Amanat shareholders, and to support the company through 2029, including a planned global Phase 3 program for CX11.

Corxel US will become a wholly owned subsidiary of the combined company. Current Corxel US management will continue while a search for a U.S.-based chief executive is carried out.

Corxel Pharmaceuticals Limited, the current parent of Corxel US, is expected to receive equity consideration in the form of common stock and pre-funded warrants. The transaction is limited to Corxel US and its obesity business: other Corxel Group entities, including Corxel HK and its clinical-stage acute ischemic stroke program JX10, remain outside the combined company.

CX11 and CX12 Programs

CX11 is an investigational, once-daily, oral small-molecule GLP-1 receptor agonist being developed for obesity, type 2 diabetes and related conditions. In a U.S. Phase 2 obesity trial, it achieved mean body-weight reduction of up to 11.5% at Week 36 under the efficacy estimand. Across dosing cohorts, nausea occurred in 33% to 34% of participants, vomiting in 12% to 16%, diarrhea in 4% to 12% and constipation in 2% to 12%; events were generally mild to moderate, none were severe, and 5.0% discontinued because of gastrointestinal events.

After an End-of-Phase 2 meeting, Corxel US says it has aligned with the FDA on key elements of the regulatory path and Phase 3 design. A Phase 1b study of higher doses is expected to report in the first half of 2027. CX12, an oral small-molecule amylin receptor agonist, is preclinical, with an investigational new drug application targeted for the first half of 2027.

Why This Could Matter

The agreement provides a financing and listing route for Corxel's oral obesity candidates, with funding the company says covers a Phase 3 program through 2029. The $377 million figure assumes no redemptions by Amanat shareholders, and PIPE investors may reduce commitments by acquiring and not redeeming Amanat shares. The final amount raised will therefore depend on redemption levels.

Closing is subject to conditions that include approval by Amanat shareholders, approvals from Corxel US and Corxel Group stakeholders, effectiveness of the registration statement, Nasdaq listing requirements and any required regulatory approvals. Leerink Partners is lead placement agent for the PIPE.

The Bottom Line

Amanat and Corxel US have agreed a combination expected to complete in the first half of 2027, bringing about $377 million in gross proceeds, before costs and redemptions, to fund CX11's Phase 3 development.