Semnur Pharmaceuticals, Inc., a wholly owned subsidiary of Scilex Holding Company, announced the signing of a letter of intent for a proposed business combination with Denali Capital Acquisition Corp., a special purpose acquisition company. The deal includes a pre-transaction equity value of Semnur of up to $2 billion and expected gross proceeds of up to $40 million. The business combination aims to create a publicly traded biopharma company focused on the development of a non-opioid product, SP-102 (SEMDEXA), currently in Phase 3 trials for treating lumbosacral radicular pain or sciatica. If approved, the product could significantly advance the treatment of chronic pain conditions. Scilex is expected to remain the majority holder post-transaction. The completion of this business combination is subject to several conditions, including negotiation of a definitive merger agreement, board and shareholder approvals, and necessary regulatory filings. This transaction highlights the potential of SP-102, which has already demonstrated positive Phase 3 trial results and achieved FDA Fast Track status, further underscoring its market potential.

Healthcare – Pharmaceutical, Finance – Private Equity/Venture Capital,United States