Corxel US to go public via merger with Amanat

RTW Biotech Opportunities Ltd

27 October 2026

 

LEI: 549300Q7EXQQH6KF7Z84

27 October 2026

RTW Biotech Opportunities Ltd

Corxel US to go public via merger with Amanat

         Corxel US, part of RTW Bio’s largest private holding, to go public via merging with Amanat

         Corxel US’ lead candidate is CX11, a once-daily oral treatment for obesity

         Expected gross proceeds of c. $377 million, including a c. $300 million PIPE

         RTW Bio to retain separate holding in parent company to Corxel HK, with lead candidate for acute ischaemic stroke

         As at 30 September 2026, Corxel represented 5.3% of RTW Bio’s NAV

RTW Biotech Opportunities Ltd (“RTW Bio” or “the Company”), the London Stock Exchange-listed investment company focused on identifying transformative assets with high growth potential across the life sciences sector, is pleased to note the announcement by Corxel Pharmaceuticals, Inc. (“Corxel US”) that it has entered into a definitive business combination agreement with Amanat Acquisition Corp (“Amanat”, Nasdaq: AMAN), a special purpose acquisition company (“SPAC”). Corxel US is part of RTW Bio’s largest private holding, Corxel Pharmaceuticals (“Corxel”).

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.

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.”

The announcement can be found here.

Enquiries:

RTW Investments, LP – Investment Manager Oliver Kenyon Krisha McCune (Investor Relations)	[phone] [e-mail]
Cadarn Capital – PR & IR Partner Lucy Clark (PR) David Harris (Distribution)	[phone] / [e-mail] [phone] / [e-mail]
Jefferies International Limited – Joint Corporate Broker Gaudi Le Roux Harry Randall-Knowles	[phone]
BofA Securities – Joint Corporate Broker Edward Peel Alex Penney	[phone]
Altum (Guernsey) Limited Joanna Duquemin Nicolle Sadie Morrison	[phone]

About RTW Biotech Opportunities Ltd:

RTW Biotech Opportunities Ltd (LSE: RTW) is an investment fund focused on identifying transformative assets with high growth potential across the biopharmaceutical and medical technology sectors. Driven by a long-term approach to support innovative businesses, RTW Biotech Opportunities Ltd invests in companies developing next-generation therapies and technologies that can significantly improve patients' lives. RTW Biotech Opportunities Ltd is managed by RTW Investments, LP, a leading healthcare-focused entrepreneurial investment firm with deep scientific expertise and a strong track record of supporting companies developing life-changing therapies.

Visit the website at www.rtwbio.com for more information.

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The information in this announcement may include forward-looking statements, which are based on the current expectations and projections about future events, and in certain cases can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "believe" (or the negatives thereon) or other variations thereon or comparable terminology. These forward-looking statements, as well as those included in any related materials, are subject to risks, uncertainties and assumptions about the Company and/or its underlying investments, including, among other things, the development of the applicable entity’s business, trends in its operating industry, expected use of financing proceeds and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur.

The information contained in this announcement is given at the date of its publication (unless otherwise marked). No reliance may be placed for any purpose whatsoever on the information or opinions contained in this announcement or on its completeness, accuracy or fairness.

 

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