Helix Acquisition Corp II to raise $120mln, 60% of trust account, from de-SPAC transaction.

Helix Acquisition Corp. II and BridgeBio Oncology Therapeutics have announced a deal that will raise approximately $120 million from the trust account and $261 million from PIPE financing. The combined company will have a total of $381 million available at closing, marking the 2nd lowest redemption rate for a biotech de-SPAC transaction since 2022. The transaction is expected to close after the public shareholders' redemption deadline of July 31, 2025.

Helix Acquisition Corp. II (HLXB) and BridgeBio Oncology Therapeutics (BBOT) have announced a significant deal that will raise approximately $120 million from the trust account and $261 million from PIPE financing. The combined company will have a total of $382 million available at closing, marking the second-lowest redemption rate for a biotech de-SPAC transaction since 2022 [1].

The transaction is expected to close after the public shareholders' redemption deadline of July 31, 2025. Helix Acquisition Corp. II, a special purpose acquisition company (SPAC) sponsored by affiliates of Cormorant Asset Management, retained over 60% of its trust account after redemptions, which is an unusually low redemption rate [1].

The PIPE financing was led by Cormorant Asset Management and included notable investors such as ADAR1 Capital Management, Deerfield Management Company, and Wellington Management. This impressive investor roster demonstrates institutional conviction in BBOT's scientific approach and commercial potential [1].

BBOT is a clinical-stage biopharmaceutical company developing novel small molecule therapeutics for RAS and PI3Kα malignancies. The transaction's total proceeds of approximately $382 million will provide BBOT with substantial runway to advance its clinical-stage pipeline targeting RAS and PI3Kα mutations, two of the most significant oncogenic drivers with historically challenging druggability profiles [1].

The low redemption rate indicates that Helix's shareholders see significant upside potential in the combined entity, choosing to maintain their investment rather than redeem at the typical $10 NAV of SPACs. This shareholder retention provides validation of both BBOT's therapeutic approach and the transaction's valuation terms [1].

The deal highlights the strong investor confidence in BBOT's RAS/PI3Kα pipeline and management team. The transaction is expected to proceed expeditiously, subject to the satisfaction or waiver of closing conditions [1].

References:
[1] https://www.stocktitan.net/news/HLXB/helix-acquisition-corp-ii-retains-more-than-60-of-trust-account-fqa3r3227076.html