Corxel to go public via $300 million SPAC merger, advancing GLP-1 pill CX11 and amylin candidate

Corxel Pharmaceuticals announced it will become a public company by merging with the SPAC Amanat Acquisition Corp., accompanied by a $300 million private investment.

The transaction will fund the late-stage development of CX11, a GLP-1 oral tablet licensed from China’s Vincentage Pharma, which in a Phase 2 trial cut participants’ weight by up to 11.5% over 36 weeks with good gastrointestinal tolerability.

The combined entity will also move a preclinical amylin-targeting weight-loss candidate toward early development, while a separate Biogen-licensed stroke drug remains outside the deal.

Corxel plans to appoint a new U.S.-based chief executive in the coming months as it prepares for its public debut.