Semnur Pharmaceuticals Inc., a wholly-owned subsidiary of Scilex Holding Company (NASDAQ:SCLX), and Denali Capital Acquisition Corp. (NASDAQ:DECA), a special purpose acquisition company, signed a letter of intent for a proposed business combination. The deal provides for a pre-transaction equity value of Semnur up to $2 billion, with expected gross proceeds of up to $40 million depending on the number of SPAC shares redeemed before the business combination is completed. Semnur is a clinical late-stage specialty pharmaceutical company focused on developing and commercializing novel non-opioid pain therapies. Semnur’s lead program, SP-102 (SEMDEXA), is the first non-opioid novel injectable ...