- Semnur Pharmaceuticals, a wholly owned subsidiary of Scilex Holding Company (NASDAQ:SCLX) and Denali Capital Acquisition (NASDAQ:DECA), a special purpose acquisition company, on Tuesday entered into a letter of intent for a proposed business combination, which provides for a pre-transaction equity value of Semnur up to $2B, with expected gross proceeds of up to $40M depending on the number of SPAC shares that are redeemed before the completion of the business combination.
- Semnur is a clinical-late stage specialty pharmaceutical company focused on the development and commercialization of a novel non-opioid pain therapies.
- The letter of intent contemplates the combined company changing its name to Semnur Pharmaceuticals and being led by Scilex and Semnur’s current management team.
- Assuming the SPAC and Semnur enter into the proposed Merger Agreement in the near term, the parties anticipate seeking approval from the SPAC’s shareholders in the second half of 2024.
- SCLX +4.14% after hours to $2.01.
- Source: Press Release
2024-07-02