肥胖药开发商Corxel与Amanat合并赴美上市：交易毛额约3.77亿美元，口服GLP-1药物CX11将推进三期
临床阶段生物制药公司 Corxel Pharmaceuticals（下称 Corxel US）与特殊目的收购公司 Amanat Acquisition Corp（纳斯达克：AMAN）10月26日宣布，双方已签署最终业务合并协议；交易完成后，Corxel US 将成为合并后上市公司的全资子公司，合并公司预计以新名称、新股票代码在 Nasdaq Capital Market 上市，新名称与代码将在交割前公布。两家公司总部分别位于 New Jersey 州 Berkeley Heights 与 Westfield。
按协议，Amanat 信托账户内有约 7,500 万美元，另有机构投资者承诺参与同步进行的上市后私募投资（PIPE）约 3 亿美元，认购方包括 RTW Investments、New Enterprise Associates（NEA）、SR One、Mirae Asset Capital Life Science、HBM Healthcare Investments、RA Capital Management 等新老投资者，该轮 PIPE 已获超额认购。在不计交易成本、且假设 Amanat 股东不赎回的前提下，交易预计为合并公司带来约 3.77 亿美元毛额资金。公司称，这笔资金预计可支持运营至 2029 年，并资助其主力候选药 CX11 针对肥胖症的全球三期开发计划。交易已获双方董事会批准，预计 2027 年上半年完成，尚需 Amanat 股东批准、注册声明生效及 Nasdaq 上市要求等常规交割条件。
Corxel US 的主力候选药 CX11 是一款在研的每日一次口服小分子 GLP-1 受体激动剂，拟用于肥胖、2 型糖尿病及相关心脏代谢疾病。在美国一项二期肥胖试验中，CX11 在第 36 周按疗效估计目标实现平均体重下降最高 11.5%；胃肠道耐受性方面，各剂量组恶心发生率 33% 至 34%、呕吐 12% 至 16%、腹泻 4% 至 12%，不良事件多为轻至中度且无严重病例，因胃肠道不良事件停药的总比例为 5.0%。公司已在二期结束会议上与美国食品药品监管局（FDA）就 CX11 的监管路径关键要素与三期试验设计达成一致，正准备将 CX11 推进全球关键性三期试验；另一款口服小分子胰淀素受体激动剂 CX12 处于临床前阶段，目标在 2027 年上半年提交新药临床试验申请。
Corxel 集团执行董事兼首席执行官 Sandy Mou 表示，这笔交易是集团公司演进中的又一个重要里程碑，将标志着 Corxel US 转型为独立上市公司。Corxel US 首席财务官 Kevin Xie 表示，CX11 在多项研究中显示的减重效果与良好耐受性，使其有望成为差异化的新一代口服 GLP-1 疗法。Amanat 首席执行官 Pavan Cheruvu 表示，公司相信 Corxel US 拥有经验丰富的全球开发团队、数据充分的后期口服 GLP-1 项目与明确的监管路径。据两家公司说明，本次交易仅涉及 Corxel US 及其肥胖业务资产，Corxel HK 及其急性缺血性卒中项目 JX10 等资产不包含在内、仍留在合并公司之外。
来源：GSM·美国
Obesity Drug Developer Corxel US to Go Public in Amanat SPAC Deal: About $377 Million in Gross Proceeds to Fund Phase 3 for Oral GLP-1 Candidate CX11
Corxel Pharmaceuticals, Inc. (Corxel US), a clinical-stage biopharmaceutical company, and Amanat Acquisition Corp (Nasdaq: AMAN), a publicly traded special purpose acquisition company, announced on October 26 that they have entered into a definitive business combination agreement. Upon completion, Corxel US will become a wholly owned subsidiary of the combined public company, which is expected to operate under a new name and list its common stock on the Nasdaq Capital Market under a new ticker symbol, each to be announced before closing. Corxel US is based in Berkeley Heights, New Jersey, and Amanat in Westfield, New Jersey.
In addition to approximately $75 million held in Amanat's trust account, institutional investors have committed approximately $300 million in a concurrent, oversubscribed private investment in public equity (PIPE), with participation from new and existing investors including RTW Investments, New Enterprise Associates (NEA), SR One, Mirae Asset Capital Life Science, HBM Healthcare Investments, RA Capital Management and others. The business combination and PIPE are expected to provide approximately $377 million in gross proceeds, before transaction costs and assuming no redemptions by Amanat shareholders. The proceeds are expected to support the company through 2029 and fund the planned global Phase 3 development program for its lead candidate CX11 in obesity. The boards of both companies have approved the transaction, which is expected to close in the first half of 2027, subject to Amanat shareholder approval, effectiveness of the registration statement, Nasdaq listing requirements and other customary conditions.
CX11 is an investigational once-daily oral small-molecule GLP-1 receptor agonist being developed for obesity, type 2 diabetes and related cardiometabolic conditions. In a U.S. Phase 2 obesity trial, CX11 achieved a mean body-weight reduction of up to 11.5% at Week 36 under the efficacy estimand. Gastrointestinal tolerability rates across dosing cohorts ranged from 33% to 34% for nausea, 12% to 16% for vomiting and 4% to 12% for diarrhea; events were generally mild to moderate with no severe cases, and the overall discontinuation rate due to gastrointestinal adverse events was 5.0%. Following an End-of-Phase 2 meeting, Corxel US has aligned with the U.S. Food and Drug Administration (FDA) on key elements of CX11's regulatory path and Phase 3 trial design, and plans to advance CX11 into global pivotal Phase 3 trials. A second candidate, CX12, an oral small-molecule amylin receptor agonist in preclinical development, is targeting an investigational new drug application in the first half of 2027.
Sandy Mou, Executive Director and Chief Executive Officer of Corxel Group, said the transaction marks Corxel US's transition into an independent public company. Kevin Xie, Ph.D., Chief Financial Officer of Corxel US, said CX11's weight loss and favorable tolerability across multiple studies position it as a potentially differentiated, next-generation oral GLP-1 therapy. Pavan Cheruvu, M.D., Chief Executive Officer of Amanat, said Corxel US brings an experienced global development team, a late-stage oral GLP-1 program and a defined regulatory path. The companies noted the transaction covers only Corxel US and its obesity-focused business; Corxel HK and its acute ischemic stroke program JX10 are not included and will remain outside the combined company.
来源：GSM·美国（原文链接）
图片来源：图：位于 New York 时代广场的 Nasdaq MarketSite 大楼资料图，合并后的公司预计在 Nasdaq 上市。图片：Ajay Suresh，CC BY 2.0，经 Wikimedia Commons。Photo: File photo of the Nasdaq MarketSite in Times Square, New York. Image: Ajay Suresh, CC BY 2.0, via Wikimedia Commons.
