Amanat Acquisition (AMAN) and Corxel US signed a definitive business combination agreement to create a publicly listed obesity-focused biopharmaceutical company. The transaction is expected to provide approximately $377 million in gross proceeds, before transaction costs and assuming no Amanat shareholder redemptions, including an approximately $300 million private investment in public equity (PIPE).
Closing is expected in the first half of 2027, subject to shareholder and stakeholder approvals, Nasdaq listing requirements and required regulatory approvals. Net proceeds are expected to support operations through 2029 and fund global Phase 3 development of CX11. In a U.S. Phase 2 obesity trial, CX11 achieved mean body-weight reduction of up to 11.5% at Week 36 under the efficacy estimand, a trial-defined measure of treatment effect. Gastrointestinal adverse events caused treatment discontinuation in 5.0% of participants.
Amanat Acquisition Corp (Nasdaq: AMAN) priced its $75 million initial public offering, offering 7,500,000 Class A ordinary shares at $10.00 per share. Trading on the Nasdaq Capital Market begins May 19, 2026, with closing expected May 20, 2026, subject to customary conditions.
The Cayman Islands-based SPAC plans to pursue a business combination, primarily targeting healthcare and healthcare-related industries. Leerink Partners is sole bookrunning manager, with a 45-day option to buy up to 1,125,000 additional shares to cover over-allotments.