Corxel opts for SPAC merger to take oral obesity drug public on Nasdaq

Corxel Pharmaceuticals, an obesity-focused biotech, said it will merge with Amanat Acquisition in the first half of next year to become a publicly traded company on Nasdaq. The company’s CFO noted the SPAC was not the original plan but fits the firm’s goals.

The SPAC route, which peaked in popularity among biotechs in 2022, has seen reduced interest, yet new blank-check vehicles continue to launch. Recent examples include TriGemX Bio’s merger with a TCGX-backed SPAC and Frazier Life Sciences’ Nasdaq debut via a biotech SPAC.

Corxel’s decision reflects confidence that the chosen SPAC’s clean structure and experienced founders will support its next growth phase as it advances its oral obesity treatment.