Scilex-backed Semnur Pharmaceuticals to go public via a SPAC merger with Denali Capital Acquisition in a $2.5bn deal.

Scilex-backed Semnur Pharmaceuticals, an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain, agreed to go public via a SPAC merger with Denali Capital Acquisition, a special purpose acquisition company, in a $2.5bn deal. “This is an important milestone in our path towards unlocking the value of SP-102, a treatment for lumbar radicular pain or sciatica, that we have been passionately working on over the years. I want to take a moment to thank our team for their incredible work and our established track record with collaborations and execution of the comprehensive development program to date. We look forward to closing the proposed business combination as soon as reasonably practicable and look forward to collaborating with the Denali team in this exciting next chapter," Jaisim Shah, Scilex CEO and President.