Corxel and Amanat Agree to US Stock Market Merger With $300 Million Financing

Corxel Pharmaceuticals' US business and Amanat Acquisition Corp announced a definitive business combination agreement on October 26 that would bring the obesity-focused drug developer to US public markets. The transaction includes commitments for approximately $300 million in private investment in public equity, or PIPE financing, alongside funds already held by the special-purpose acquisition company.

The companies estimate that the combination could deliver approximately $377 million in gross proceeds before transaction costs, assuming Amanat shareholders do not redeem their shares. That amount is conditional: redemptions, adjustments and closing expenses could change the actual cash available. Regulatory filings describe an implied equity value of $200 million for the Corxel business being contributed to the transaction.

The agreement concerns Corxel US and specified obesity-focused assets, not every business held by the wider Corxel Group. Corxel US is developing investigational oral medicines, but the proposed listing is a financing and corporate transaction, not a drug approval or confirmation of treatment effectiveness.

The parties expect the merger to close in the first half of 2027, subject to shareholder votes, regulatory clearances, registration effectiveness and Nasdaq listing requirements. A new public-company name and ticker are to be announced before closing. The agreement was signed on October 25 and publicly announced on October 26.