10:19 AM EDT, 09/03/2024 (MT Newswires) -- Scilex ( SCLX ) unit Semnur Pharmaceuticals and Denali Capital Acquisition ( DECA ) said Tuesday they have signed an agreement for a planned merger which provides for a pre-transaction equity value of Semnur at $2.5 billion.

Upon closing of the deal, the combined company will be renamed Semnur Pharmaceuticals and its shares and warrants are expected to list on Nasdaq under the tickers SMNR and SMNRW, the companies said, adding Scilex ( SCLX ) would be the majority holder of the combined entity.

The deal is expected to close by Q1 2025.

Semnur is a clinical-late stage pharmaceutical company that develops non-opioid pain treatments.

Scilex ( SCLX ) shares were up 3% in recent trading.

Price: 1.19, Change: +0.04, Percent Change: +3.48