Amanat and Corxel Deal Targets Gross Proceeds of About $377 Million
Key Facts
Corxel US and Amanat Acquisition Corp announced a definitive business combination agreement in a deal expected to make Corxel US a wholly owned subsidiary of the combined public company upon closing. Gross proceeds are estimated at about $377 million before transaction costs, according to a statement by the companies published through GlobeNewswire. The estimate includes about $75 million held in Amanat’s trust account and concurrent financing commitments of nearly $300 million. Reaching the assumed total depends on Amanat shareholders not redeeming their shares, so the amount does not represent financing secured to date. The companies said expected net proceeds are intended to support the company through 2029 and fund a global Phase 3 program for CX11 to treat obesity.
The agreement is limited to Corxel US and the obesity-related businesses and assets specified in it. Corxel HK and JX10, along with other assets held outside Corxel US, are not part of the deal. This includes Corxel HK’s clinical program for acute ischemic stroke. The scope sets clear limits on what the combined public company will own at closing; the entire group and all of its programs will not transfer to it. Completion remains subject to announced conditions and approvals, including approval by Amanat shareholders, the effectiveness of the registration statement, meeting Nasdaq listing requirements and any necessary regulatory approvals.
Corxel US’s planned therapeutic program centers on CX11, an experimental oral drug candidate taken once daily that belongs to the class of small-molecule GLP-1 receptor agonists. The company is studying it for obesity, type 2 diabetes and related cardiometabolic conditions. In a U.S. Phase 2 trial, the drug recorded average body-weight reduction of up to 11.5% at week 36, according to the efficacy measure reported by the company. The statement said the reduction was “up to 11.5%” at that time point. The result comes from a clinical trial in development, while the company is still planning to advance to a Phase 3 program.
The tolerability data reported by the companies included nausea rates ranging from 33% to 34% across dose groups, and vomiting rates of 12% to 16%. Diarrhea rates ranged from 4% to 12%, while constipation rates ranged from 2% to 12%. The rate of treatment discontinuation due to gastrointestinal symptoms was 5.0% during the 36-week double-blind treatment period. The statement attributed the figures to dose groups in the Phase 2 trial. The results offer one view of the tolerability profile disclosed alongside the weight-loss result, while CX11 remains an experimental candidate under study.
Corxel US said that, following an end-of-Phase 2 meeting, it had reached alignment with the U.S. Food and Drug Administration on key elements of the regulatory pathway and Phase 3 trial design. The company intends to advance CX11 into a global program at this stage. An ongoing Phase 1b study testing higher doses is expected to provide additional clinical data in the first half of 2027. Preparatory activities are also under way to enable a study of CX12, an oral amylin receptor agonist in preclinical development, with an investigational new drug application targeted for the first half of 2027. The business combination itself is expected to close in the first half of 2027, subject to closing conditions and required approvals.
In the market, EL7 data showed Amanat shares closed at $10.16 on October 23, 2026. The data provided do not include that day’s trading range. The closing price preceded the announcement of the agreement in the companies’ statement. Available information does not provide a post-announcement share price or subsequent movement that can be attributed to the deal. The total financing value and duration of financial support remain contingent on the deal closing and its terms, while upcoming clinical and regulatory milestones are scheduled for the first half of 2027.