Corxel US to go public via SPAC to fund oral GLP-1 CX11

Corxel Pharmaceuticals, Inc., known as Corxel US, plans to become a public company by merging with Amanat Acquisition Corp (Nasdaq: AMAN), a special purpose acquisition company, or SPAC. The two companies announced the agreement on Oct 26, 2026. Amanat’s Form 8-K says the business combination agreement was signed on Oct 25.

The deal has not closed, and the figures below are the companies’ expectations.

What Corxel US is developing

Corxel US focuses on oral drugs for obesity. Its lead candidate, CX11, is an investigational, once-daily oral small-molecule GLP-1 receptor agonist. It is not a peptide: it targets the same receptor as GLP-1 drugs but is a small chemical compound rather than a chain of amino acids.

The company reported these results from a U.S. Phase 2 obesity trial:

• Weight loss: mean body-weight reduction of up to 11.5% at Week 36 under the efficacy estimand. The double-blind treatment period lasted 36 weeks.
• Stomach side effects: nausea was reported by 33% to 34% of participants in the CX11 dose groups and vomiting by 12% to 16%. Diarrhea rates were 4% to 12%, and constipation rates 2% to 12%.
• Dropouts: 5.0% of participants stopped treatment because of gastrointestinal side effects.

Corxel US says the gastrointestinal events were mostly mild to moderate and occurred mainly while doses were being raised. It also says CX11 has completed Phase 3 development in Asia. After an End-of-Phase 2 meeting, it says it has aligned with the FDA on key elements of the regulatory path and Phase 3 design for CX11, and it plans global Phase 3 trials.

A Phase 1b study testing higher doses of CX11 is expected to report data in the first half of 2027. A second candidate, CX12, is a preclinical oral small-molecule amylin receptor agonist. The company is targeting an investigational new drug application for CX12 in the first half of 2027.

Deal terms

The companies expect gross proceeds of about $377 million, before transaction costs and assuming no Amanat shareholders redeem their shares. That includes about $75 million in Amanat’s trust account and an oversubscribed private investment in public equity (PIPE) expected to bring in about $300 million, subject to a mechanism that can reduce the PIPE.

The release lists 13 named PIPE investors plus a large healthcare mutual fund. Among them are RTW Investments, New Enterprise Associates (NEA), SR One, RA Capital Management, Invus and HBM Healthcare Investments. The companies say the money should fund the business through 2029, including the global Phase 3 program for CX11 in obesity.

The combined company will take a new name and list on the Nasdaq Capital Market under a new ticker, both to be announced before closing. A search for a U.S.-based chief executive is underway. Corxel US is part of Corxel Group, whose parent, Corxel Pharmaceuticals Limited, will receive shares and pre-funded warrants in the combined company. Corxel HK and its stroke drug JX10 are not part of the deal.

“We believe the proposed business combination will mark Corxel US’s transition into an independent public company,” said Sandy Mou, chief executive of Corxel Group. Pavan Cheruvu, Amanat’s chief executive, said Corxel US has “a late-stage oral GLP-1 program supported by a substantial clinical dataset.”

RTW Biotech Opportunities Ltd, a London-listed fund managed by RTW Investments, said in a stock exchange announcement on Oct 27 that RTW Investments created Corxel. It said Corxel made up 5.3% of the fund’s net asset value as of Sept 30, 2026.

What has to happen before closing

The companies expect the deal to close in the first half of 2027. According to the release and the 8-K, it still requires:

• approval by Amanat’s shareholders and by Corxel stakeholders;
• an effective Form S-4 registration statement, which Amanat plans to file with the SEC;
• meeting Nasdaq listing requirements;
• expiration or termination of the waiting period under the Hart-Scott-Rodino antitrust law; and
• at least $200,000,000 in cash from the trust account, after redemptions, together with the PIPE and certain company cash.

What is not known

• Redemptions. The $377 million figure assumes no Amanat shareholders redeem. How many will is not known until the shareholder vote.
• Full trial data. The Phase 2 results come from company summaries. A peer-reviewed report and the full Asian Phase 3 data were not part of the announcement.
• Phase 3 timing and leadership. The companies have not given a start date for global Phase 3 trials or named the new chief executive.
• The FDA’s final view. Alignment on trial design after an End-of-Phase 2 meeting does not mean the FDA has accepted CX11 for approval.

This story describes a proposed transaction and contains no investment advice.