Helix Acquisition Corp. II Seals $949 Million Deal with BridgeBio Oncology
Deal News | Mar 03, 2025 | White & Case
White & Case LLP has successfully advised Helix Acquisition Corp. II, a special purpose acquisition company (SPAC) supported by affiliates of Cormorant Asset Management, on a significant business combination with BridgeBio Oncology Therapeutics. The transaction, valued at approximately $949 million, involves the integration of Helix with BridgeBio, a clinical-stage biopharmaceutical firm pioneering advanced small-molecule therapeutics targeting specific cancer malignancies. In tandem with this merger, a $260 million PIPE financing was led by Cormorant Asset Management and supported by prominent institutional investors. Post-transaction, the newly formed entity will operate under the name BridgeBio Oncology Therapeutics, Inc., with a NASDAQ listing under BBOT. Provided no redemptions occur, the capital influx is predicted to reach around $450 million from both Helix's trust account and the PIPE financing. This merger marks the second SPAC transaction for Helix Acquisition Corp. II with guidance from White & Case, following its initial public offering facilitated by the same advisors.
Sectors
- Healthcare and Biotechnology
- Financial Services
- Legal Services
Geography
- United States – Both Helix Acquisition Corp. II and BridgeBio Oncology Therapeutics are based in the U.S., with legal advisory by the U.S. based law firm, White & Case.
Industry
- Healthcare and Biotechnology – The transaction involves BridgeBio Oncology Therapeutics, a clinical-stage biopharmaceutical company, which is advancing cancer treatment solutions.
- Financial Services – The deal is facilitated through a special purpose acquisition company (SPAC), Helix Acquisition Corp. II, and includes significant PIPE financing.
- Legal Services – White & Case LLP provided legal advisory for the SPAC and the subsequent business combination transaction.
Financials
- US$949 million – The implied pro forma equity value of the combined company at closing.
- US$260 million – Amount raised through PIPE financing led by Cormorant Asset Management and other investors.
- US$450 million – Total expected proceeds from the transaction combining the SPAC trust account and PIPE financing.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Helix Acquisition Corp. II | Target | Company | A special purpose acquisition company listed on NASDAQ. |
| BridgeBio Oncology Therapeutics | Bidding Company/buyer | Company | A clinical-stage biopharmaceutical company developing novel therapeutics for cancer. |
| White & Case LLP | Legal Advisor | Company | A global law firm advising on the SPAC's business combination transaction. |
| Cormorant Asset Management | Sponsor/Investor | Company | Sponsor of Helix Acquisition Corp. II and lead investor in the PIPE financing. |