Semnur Pharmaceuticals to go public via SPAC merger with Denali Capital in $2.5 bln deal (updated)

Semnur Pharmaceuticals

03/09/2024 14:30

(Adds background and details)
       Sept 3 (Reuters) - Semnur Pharmaceuticals, a wholly
owned subsidiary of Scilex Holding Company  SCLX.O , will go
public via a merger with special purpose acquisition company
Denali Capital Acquisition Corp in a $2.5 billion deal, the
companies said on Tuesday.
    Semnur is a clinical late-stage specialty pharmaceutical
company focused on the development and commercialization of
novel non-opioid pain therapies.
        Upon closing of the transaction, the combined company
will be renamed Semnur Pharmaceuticals, Inc. Its common stock
and warrants are expected to be listed on the Nasdaq exchange
under the ticker symbols "SMNR" and "SMNRW", respectively, the
statement said.
  
    SPACs, or blank check mergers, are becoming a rare pathway
for the companies to go public since a boom in 2021.
    
        
  
        
  
    

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by
Alan Barona)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com))