Corxel US and Amanat Acquisition Corp Announce Definitive Business Combination Agreement to Create Publicly Listed Obesity-Focused Biopharmaceutical Company
Key Highlights
- ➤Corxel US and Amanat (AMAN) signed a definitive business combination agreement.
- ➤Institutional investors committed approximately $300 million to an oversubscribed PIPE financing.
- ➤Transaction expected to generate approximately $377 million in gross proceeds, assuming no redemptions.
- ➤CX11 achieved up to 11.5% mean weight loss at Week 36 in U.S. Phase 2.
- ➤Net proceeds expected to fund CX11’s global Phase 3 program through 2029.
Expert Statements
Sandy Mou, Executive Director and Chief Executive Officer of Corxel Group
“This transaction represents another important milestone in Corxel Group’s corporate evolution and reflects the significant progress we have made in building a globally competitive cardiometabolic pipeline. Corxel Group was built on the belief that our most promising pipeline deserves the focus and resources to reach its full potential. We believe the proposed business combination will mark Corxel US’s transition into an independent public company, positioning it to pursue its long-term growth strategy with greater visibility and broader access to the public markets.”
Kevin Xie, Ph.D., Chief Financial Officer of Corxel US
“This transaction represents an important step in establishing Corxel US as a publicly traded, obesity-focused biopharmaceutical company with the capital strength and strategic flexibility to advance CX11 through global pivotal development. We believe CX11’s clinical profile, including the weight loss and favorable tolerability observed across multiple studies, positions it as a potentially differentiated, next-generation oral GLP-1 therapy. Following an End-of-Phase 2 meeting, we have aligned with the FDA on key elements of CX11’s regulatory path and Phase 3 trial design, and we are preparing to advance CX11 into global pivotal Phase 3 trials. Together with CX12, CX11 provides the foundation for an oral obesity franchise built to deliver meaningful benefits to a broad global patient population.”
Pavan Cheruvu, M.D., Chief Executive Officer and Director of Amanat
“We established Amanat to identify compelling healthcare businesses that could benefit from our team’s operating, clinical, and capital-markets experience. We believe Corxel US brings together an experienced global development team, a late-stage oral GLP-1 program supported by a substantial clinical dataset, a favorable tolerability profile and a defined regulatory path, as well as an emerging oral amylin program. We believe the proposed transaction can provide the resources and public-company platform needed to advance this portfolio and create long-term value for patients and shareholders.”
* Combined company expected to advance differentiated oral obesity franchise led by CX11, a clinical-stage, once-daily oral small-molecule GLP-1 receptor agonist (“RA”), and CX12, a preclinical oral small-molecule amylin receptor agonist.
* CX11 has demonstrated clinically meaningful weight loss and a generally favorable tolerability profile across Phase 2 obesity studies in the United States. Following an End-of-Phase 2 meeting, Corxel US has aligned with the U.S. Food and Drug Administration (“FDA”) on key elements of CX11’s regulatory path and Phase 3 trial design.
Get started
Create a free account to read the full story.