Semnur Pharmaceuticals to Merge with Denali Capital, Aiming for Non-Opioid Sciatica Treatment

Semnur Pharmaceuticals, focused on developing non-opioid treatments for sciatica, has announced a $2.5 billion merger with Denali Capital Acquisition Corp., a special purpose acquisition company (SPAC). The deal, expected to close by the first quarter of 2025, will support Semnur's efforts to bring its lead candidate, Semdexa, to market. Semdexa is an injectable corticosteroid gel designed to treat moderate to severe lumbosacral radicular pain, commonly known as sciatica, which often requires opioid treatment.

In a Phase 3 trial involving 401 patients, Semdexa showed promising results, providing rapid and sustained pain relief for over a month. If approved, it could become the first FDA-cleared treatment specifically for sciatica, potentially generating sales of $1.5 billion to $2 billion within five years of its launch. Semdexa holds FDA fast-track designation, with a critical 700-patient trial expected to complete enrollment by 2025.

Semnur's merger with Denali Capital is part of a broader strategy by its parent company, Scilex Holding Company, to unlock value and explore global partnerships. Scilex, which went public through a SPAC merger in 2022, already markets several pain management products, including migraine treatment Elyxyb and pain patch ZTlido. The merger with Denali is seen as a key step in advancing Semdexa's growth and market potential.

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