Amanat announces $377 million Corxel merger deal

• Amanat Acquisition and Corxel US signed a definitive business combination agreement expected to provide approximately $377 million in gross proceeds, including a $300 million private investment in public equity (PIPE).
• The proceeds are intended to support operations through 2029 and fund global Phase 3 development of CX11, an investigational oral obesity treatment that achieved up to 11.5% mean weight reduction at Week 36 in a U.S. Phase 2 study.
• The companies expect to complete the transaction in the first half of 2027, subject to shareholder approvals, Nasdaq listing requirements, regulatory clearances and other closing conditions.

Amanat Acquisition (NASDAQ:AMAN) and Corxel US signed a definitive business combination agreement intended to create a publicly traded biopharmaceutical company focused on obesity treatments, with approximately $377 million in potential gross proceeds.

The proposed financing includes approximately $300 million in PIPE investment, while the total proceeds assume no Amanat shareholder redemptions and exclude transaction expenses.

Corxel previously reported that CX11 achieved up to 11.5% mean body-weight reduction at Week 36 in a U.S. Phase 2 obesity trial involving 246 adults.

Gastrointestinal adverse events caused treatment discontinuation in 5% of participants, while the company reported that nausea, vomiting, diarrhea and constipation were generally mild to moderate.

Amanat and Corxel expect the merger to close in the first half of 2027, subject to shareholder and stakeholder approvals, Nasdaq listing requirements and applicable regulatory clearances.

The companies intend to use net proceeds to support operating activities through 2029 and advance CX11 into global Phase 3 clinical development, although financing and development outcomes remain uncertain.

Amanat completed its $75 million initial public offering in May 2026, while Corxel has been developing CX11 as a once-daily oral GLP-1 receptor agonist for obesity and other cardiometabolic conditions.