LONDON: Corxel Pharmaceuticals, Inc. has entered into a definitive business combination agreement with Amanat Acquisition Corp, a special purpose acquisition company (SPAC). Corxel US is part of RTW Bio’s largest private holding, Corxel Pharmaceuticals.

Corxel US is developing oral treatments for obesity. Its lead candidate, CX11, is an investigational once-daily oral treatment (a small-molecule GLP-1 receptor agonist) shortly to begin a global Phase 3 trial.

Corxel US is also developing CX12, a preclinical oral amylin receptor agonist, with an IND application targeted for the first half of 2027, according to a statement.

The transaction is expected to provide gross proceeds of approximately $377 million, assuming no redemptions by Amanat shareholders, comprising an oversubscribed PIPE of approximately $300 million and approximately $75 million held in Amanat’s trust account.

Proceeds are expected to fund the combined company through 2029, including the global Phase 3 trial for CX11. The combined company expects to list on the Nasdaq Capital Market under a new name and ticker, to be announced in due course. Completion is expected in the first half of 2027 and is subject to Amanat shareholder approval.

RTW Investments created Corxel, its second new company creation, and RTW Bio first invested in the seed round in February 2020. As at 30 September 2026, Corxel represented 5.3% of RTW Bio’s NAV valued at c. $50 million.

Corxel HK assets, including JX10, a clinical-stage programme for acute ischaemic stroke, remain outside Corxel US and the combined company. Following the merger of Corxel US with Amanat, RTW Bio will retain a separate holding in the parent company to Corxel HK.

Corxel US’s transaction follows seven portfolio company acquisitions in 2026 (Penumbra, RAPT, Apellis, Centessa, Apogee, Alesta and Mantle), the IPOs of Aktis, Kailera and Lycia, and four completed or announced reverse mergers.

The transaction reflects a reopened financing market for clinical-stage biotech and strong investor appetite for obesity assets, shown by Kailera’s April IPO, the largest biotech IPO in history at the time. A public listing gives Corxel US access to public-market capital to fund CX11 through Phase 3, where Corxel US is positioning an oral, once-daily option to widen access to obesity treatment.

Rod Wong, CIO of RTW Investments, said, “We’re delighted that Corxel is entering the public markets. This financing will support CX11 through Phase 3, and we look forward to continuing to support the team.”