Corxel, Amanat Plan $377M Obesity-Drug Merger

Amanat Acquisition and Corxel US have agreed to combine, taking Corxel’s obesity-focused business public in a deal that gives Corxel an implied equity value of $200 million. The transaction is expected to generate about $377 million in gross proceeds, including roughly $300 million from a private investment and $75 million in Amanat’s trust account, assuming no shareholder redemptions and before expenses. Corxel plans to use the funds to support operations through 2029 and advance its once-daily oral obesity candidate CX11 into global Phase 3 trials; the drug produced up to 11.5% mean weight reduction at Week 36 in a Phase 2 study. The companies expect to close in the first half of 2027, subject to shareholder approval, regulatory and Nasdaq requirements, and other conditions.