BridgeBio Oncology and Helix Acquisition Announce Merger
Deal News | Mar 03, 2025 | EIN
BridgeBio Oncology Therapeutics and Helix Acquisition Corp. II have announced a definitive business merger agreement to advance their pipeline of novel therapeutics. BridgeBio is focused on developing small molecule therapies targeting RAS and PI3K malignancies. Helix Acquisition is a SPAC backed by Cormorant Asset Management. Upon closure, the merged entity will retain the name BridgeBio Oncology Therapeutics, listed on Nasdaq under the symbol BBOT. The merger will provide capital from Helix’s approximately $196 million trust fund and $260 million in PIPE commitments from institutional investors, such as Cormorant Asset Management, Adar1 Capital, and Wellington Management. Proceeds will bolster the development of three lead programs aimed at treating various aggressive cancers, with clinical trials underway for therapies targeting KRAS mutations. This merger marks a pivotal moment for advancing therapies in oncology, leveraging both BridgeBio's scientific expertise and Helix’s strategic capital provisioning.
Sectors
- Biotechnology
- Healthcare
- Financial Services - Investment Banking & Venture Capital
Geography
- United States – The companies involved are US-based, and the SPAC is listed on Nasdaq, which is prominent in the US financial markets.
Industry
- Biotechnology – The article discusses BridgeBio Oncology Therapeutics and Helix's efforts in developing novel therapies for cancer, focusing on molecular targets.
- Healthcare – The transaction centers on advancements in medical treatments, specifically oncology, which is a critical area within healthcare.
- Financial Services - Investment Banking & Venture Capital – Helix, a SPAC backed by Cormorant Asset Management, plays a key financial role in facilitating the merger, highlighting the financial services sector.
Financials
- $196 million – Funds held in trust by Helix Acquisition Corp. II.
- $260 million – PIPE investment commitments from institutional investors.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| BridgeBio Oncology Therapeutics | Target | Company | A biopharmaceutical company developing small molecule therapies targeting RAS and PI3K malignancies. |
| Helix Acquisition Corp. II | Bidding Company | Company | A special purpose acquisition company (SPAC) backed by Cormorant Asset Management. |
| Cormorant Asset Management | Lead Investor in PIPE | Company | A key financial backer of Helix, investing prominently in the PIPE financing for the merger. |
| Eli Wallace, PhD | CEO of BridgeBio Oncology Therapeutics | Person | Chief Executive Officer of BridgeBio Oncology, leading the company through its merger and R&D initiatives. |
| Bihua Chen | CEO of Helix | Person | Founder and CEO of Cormorant Asset Management and CEO of Helix Acquisition Corp. II. |