Scilex jumps as unit Semnur Pharma to go public in $2 bln SPAC deal

Scilex Holding

03/07/2024 10:21

** Shares of drugmaker Scilex Holding  SCLX.O  surge 33.1%
to $2.57 in premarket
    ** Scilex's subsidiary, Semnur Pharmaceuticals, to go public
in a SPAC deal with Denali Capital Acquisition Corp  DECA.O  
    ** Deal valued at up to $2 bln
    ** Combined company to operate as Semnur Pharmaceuticals
with Scilex as the majority holder
    ** Proceeds from the deal to fund development of SP-102
drug, to treat chronic nerves disease
    ** Up to last close, SCLX stock had fallen 5.4% YTD,
compared with a 20.11% increase in Nasdaq index  .IXIC 

 (Reporting by Nikhil Sharma in Bengaluru)
 ((nikhil.sharma@thomsonreuters.com))