Corxel US has agreed to merge with Nasdaq-listed SPAC Amanat Acquisition Corp. The transaction is expected to close in the first half of 2027; the combined company would list on Nasdaq under a new name and ticker.
The deal is expected to raise about $377 million gross, assuming no shareholder redemptions:
roughly $300 million in committed PIPE financing plus about $75 million from Amanat’s trust account. Proceeds are intended to fund the company through 2029, including CX11’s planned global Phase 3 program.
CX11 is Corxel’s once-daily oral small-molecule GLP-1 receptor agonist for obesity and related conditions. Corxel says its U.S. Phase 2 trial showed mean weight reduction of up to 11.5% at week 36; the company has discussed key Phase 3 design elements with the FDA.
Corxel also has CX12, a preclinical oral amylin receptor agonist. The article’s ‘right lane’ framing reflects Corxel’s view that its oral-drug approach can compete in a crowded obesity market; CX11 still needs further clinical testing, so its effectiveness and commercial prospects remain uncertain.
The merger is subject to customary closing conditions, including shareholder approval and regulatory and listing requirements.
Sources:
Corxel claims oral obesity drug is in the ‘right lane’ as biotech plans SPAC route to Nasdaq
Press Release, dated October 26, 2026.
Corxel US bets on SPAC route to fund oral GLP-1 race
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