Corxel Pharmaceuticals to Go Public via Amanat Acquisition Merger

Corxel Pharmaceuticals, a developer of obesity and cardiometabolic drugs, will go public in the United States through a merger with the special purpose acquisition company Amanat Acquisition Corp. The deal, announced Monday, is expected to close in the first half of 2027, with the combined entity likely listing on the Nasdaq.

Corxel is projected to receive approximately $377 million from the merger and concurrent private investment in public equity, which includes $300 million committed by institutional investors. The company is using the capital to advance its oral product candidates, specifically its lead candidate CX11. This drug targets obesity, type 2 diabetes, and related cardiometabolic conditions.

The move follows a broader trend of biotech investments seeking to compete in a weight-loss therapy market currently dominated by Novo Nordisk and Eli Lilly.