Obesity Drug Maker Corxel to Go Public in $377 Million SPAC Deal
Corxel Pharmaceuticals agreed to merge with SPAC Amanat Acquisition Corp in a $377 million deal to take its oral GLP-1 weight-loss drug candidate CX11 to Nasdaq, as the obesity medicine market continues its rapid expansion.
Corxel Pharmaceuticals, a biopharmaceutical company developing oral treatments for obesity, announced on 26–27 October 2026 that it had agreed to merge with Amanat Acquisition Corp (Nasdaq: AMAN), a special purpose acquisition company, in a deal valued at approximately $377 million. The transaction includes roughly $75 million held in Amanat's trust account and approximately $300 million in concurrent private investment in public equity (PIPE) financing, backed by major healthcare investors including RTW Investments, New Enterprise Associates, SR One, Mirae Asset Capital Life Science, HBM Healthcare Investments and RA Capital Management. Corxel's lead drug candidate, CX11, is a once-daily oral small-molecule GLP-1 receptor agonist licensed from Chinese developer Vincentage Pharma. In a US Phase 2 trial, CX11 achieved a mean body-weight reduction of up to 11.5% at week 36, with a favourable gastrointestinal tolerability profile compared with some competitors. International Phase 3 testing is expected to begin as early as the first quarter of 2027. The combined public company will list on the Nasdaq Capital Market under a new name and ticker, with the merger expected to close in the first half of 2027, subject to shareholder approval. The deal reflects intense investor appetite for the next generation of oral GLP-1 drugs, aiming to challenge injectable leaders such as semaglutide and tirzepatide with a more convenient pill-based option.
