Goodwin Advises Amanat Acquisition Corp on Definitive Business Combination Agreement with Corxel US
The SPAC and Life Sciences teams advised Amanat Acquisition Corp (Nasdaq: AMAN) (“Amanat”) on its definitive business combination agreement with Corxel Pharmaceuticals, Inc. (“Corxel US”), a clinical-stage biopharmaceutical company focused on developing innovative oral therapies for obesity and related cardiometabolic conditions. Upon completion of the proposed transaction, Corxel US will become a wholly owned subsidiary of the combined public company. The combined public company is expected to operate under a new name and have its common stock listed on the Nasdaq Capital Market under a new ticker symbol, in each case to be announced before closing.
The transaction includes a concurrent private investment in public equity (PIPE) of approximately $300 million and is expected to generate approximately $377 million in gross proceeds. The proceeds are expected to support the combined company through 2029, including funding the planned global Phase 3 development program for Corxel US’s lead obesity product candidate, CX11. The transaction is expected to close in the first half of 2027, subject to customary closing conditions.
Amanat Acquisition Corp is a blank check company incorporated as a Cayman Islands exempted company for the purpose of completing a merger, amalgamation, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination. Amanat intends to focus on opportunities in healthcare and healthcare-related industries that can benefit from the experience and capabilities of its management team and board of directors.
The Goodwin team was led by Jocelyn Arel, Justin Anslow, Wei Xu, Justice Njoku, Della Fok, Daisy Ramos Garcia, Hugh Rennie, Justin V Duffy, Anderson H Riddick, Bill T Christiansen, Xixi Sun, Gina J Kim, Daniel Karelitz, Matthew Dunay, Zachary Keirn, Alexandra Denniston, James Devendorf, Natascha George, Christina Lewis, Nathaniel A Hsieh, Michael Faikes, Elizabeth Mulkey, Krupa S Zachariah, Jacob R. Osborn, Gozde Guckaya, Carrie Clowney, Arman Oruc, Simone Waterbury, Arom Yun, Justin D Ward, Jeffrey A. Letalien, James Matarese, Jessica Rothstein, Eram Khan, Ingram Cheung, Christopher Zhong, and Dian Ding.
For more information on the deal, please read the press release.