Helix Acquisition Corp. II Retains More than 60% of Trust Account after Redemptions in connection with Business Combination with BridgeBio Oncology Therapeutics
Helix Acquisition Corp. II (NASDAQ:HLXB) has retained over 60% of its trust account after redemptions related to its business combination with BridgeBio Oncology Therapeutics (BBOT). The transaction is set to raise approximately $382 million in gross proceeds, comprising $120 million from Helix's trust account and $261 million from a PIPE financing.
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 represents the 2nd lowest redemption rate for a biotech de-SPAC transaction since 2022. BBOT is a clinical-stage biopharmaceutical company developing novel small molecule therapeutics for RAS and PI3K伪 malignancies.
Helix Acquisition Corp. II (NASDAQ:HLXB) ha mantenuto oltre il 60% del suo conto fiduciario dopo i rimborsi legati alla sua fusione con BridgeBio Oncology Therapeutics (BBOT). L'operazione dovrebbe raccogliere circa 382 milioni di dollari di proventi lordi, di cui 120 milioni di dollari dal conto fiduciario di Helix e 261 milioni di dollari da un finanziamento PIPE.
Il finanziamento PIPE 猫 stato guidato da Cormorant Asset Management e ha coinvolto investitori di rilievo come ADAR1 Capital Management, Deerfield Management Company e Wellington Management. Questo rappresenta il secondo tasso di rimborso pi霉 basso per una transazione biotech de-SPAC dal 2022. BBOT 猫 una societ脿 biofarmaceutica in fase clinica che sviluppa nuovi farmaci a piccole molecole per le neoplasie RAS e PI3K伪.
Helix Acquisition Corp. II (NASDAQ:HLXB) ha retenido m谩s del 60% de su cuenta fiduciaria tras los reembolsos relacionados con su combinaci贸n empresarial con BridgeBio Oncology Therapeutics (BBOT). La transacci贸n est谩 prevista para recaudar aproximadamente 382 millones de d贸lares en ingresos brutos, que incluyen 120 millones de d贸lares de la cuenta fiduciaria de Helix y 261 millones de d贸lares de una financiaci贸n PIPE.
La financiaci贸n PIPE fue liderada por Cormorant Asset Management e incluy贸 inversores destacados como ADAR1 Capital Management, Deerfield Management Company y Wellington Management. Esto representa la segunda tasa de reembolso m谩s baja para una transacci贸n biotech de-SPAC desde 2022. BBOT es una empresa biofarmac茅utica en fase cl铆nica que desarrolla nuevos terap茅uticos de peque帽as mol茅culas para malignidades RAS y PI3K伪.
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PIPE 鞛愱笀 臁半嫭鞚� Cormorant Asset Management臧� 欤茧弰頄堨溂氅� ADAR1 Capital Management, Deerfield Management Company, Wellington Management瓿� 臧欖潃 欤检殧 韴瀽鞛愲摛鞚� 彀胳棳頄堨姷雼堧嫟. 鞚措姅 2022雲� 鞚错泟 氚旍澊鞓ろ厤 de-SPAC 瓯半灅 欷� 霊� 氩堨Ц搿� 雮潃 靸來櫂毳�鞐� 頃措嫻頃╇媹雼�. BBOT電� RAS 氚� PI3K伪 鞎呾劚 膦呾枒鞚� 鞙勴暅 靸堧鞖� 靻岆秳鞛� 旃橂鞝滊ゼ 臧滊皽頃橂姅 鞛勳儊 雼硠鞚� 氚旍澊鞓れ牅鞎� 須岇偓鞛呺媹雼�.
Helix Acquisition Corp. II (NASDAQ:HLXB) a conserv茅 plus de 60 % de son compte en fiducie apr猫s les rachats li茅s 脿 sa fusion avec BridgeBio Oncology Therapeutics (BBOT). La transaction devrait g茅n茅rer environ 382 millions de dollars de produits bruts, comprenant 120 millions de dollars provenant du compte en fiducie de Helix et 261 millions de dollars issus d'un financement PIPE.
Le financement PIPE a 茅t茅 men茅 par Cormorant Asset Management et a inclus des investisseurs notables tels que ADAR1 Capital Management, Deerfield Management Company et Wellington Management. Il s'agit du deuxi猫me taux de rachat le plus bas pour une transaction biotech de-SPAC depuis 2022. BBOT est une soci茅t茅 biopharmaceutique en phase clinique d茅veloppant de nouveaux traitements par petites mol茅cules pour les cancers RAS et PI3K伪.
Helix Acquisition Corp. II (NASDAQ:HLXB) hat nach R眉cknahmen im Zusammenhang mit der Unternehmenszusammenf眉hrung mit BridgeBio Oncology Therapeutics (BBOT) 眉ber 60 % seines Treuhandkontos behalten. Die Transaktion soll rund 382 Millionen US-Dollar Bruttoerl枚se einbringen, davon 120 Millionen US-Dollar aus Helix' Treuhandkonto und 261 Millionen US-Dollar aus einer PIPE-Finanzierung.
Die PIPE-Finanzierung wurde von Cormorant Asset Management angef眉hrt und umfasste namhafte Investoren wie ADAR1 Capital Management, Deerfield Management Company und Wellington Management. Dies stellt die
- Retained over 60% of trust account, achieving 2nd lowest redemption rate for biotech de-SPAC since 2022
- Secured substantial $261 million PIPE financing from prominent healthcare investors
- Total gross proceeds of $382 million to fund clinical development
- Strong investor confidence demonstrated by participation of major investment firms
- 40% of trust account was still redeemed by shareholders
- Business combination closing still subject to conditions and potential risks
Insights
Helix's unusually low redemption rate signals strong investor confidence in BridgeBio Oncology's RAS/PI3K伪 pipeline and management team.
Retaining over
The transaction's total proceeds of approximately
The PIPE financing's impressive investor roster, led by biotech specialist Cormorant Asset Management and including established life sciences investors like Deerfield, Novo Holdings, and Wellington Management, demonstrates institutional conviction in BBOT's scientific approach and commercial potential. This level of high-quality institutional backing is particularly meaningful in the current challenging biotech funding environment.
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
- Gross proceeds of approximately
$120 million from trust account and approximately$261 million from PIPE financing to be available to the combined company at the closing - 2nd lowest redemption rate for a biotech de-SPAC transaction since 2022
BOSTON & SOUTH SAN FRANCISCO, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Helix Acquisition Corp. II (鈥淗elix鈥�) (Nasdaq: HLXB), a special purpose acquisition company sponsored by affiliates of Cormorant Asset Management, and TheRas, Inc. (d/b/a BridgeBio Oncology Therapeutics) (鈥淏BOT鈥�), a clinical-stage biopharmaceutical company advancing a next-generation pipeline of novel small molecule therapeutics targeting RAS and PI3K伪 malignancies, today announced that Helix retained approximately
As a result, the transaction is expected to raise an aggregate of approximately
Helix and BBOT intend to proceed expeditiously with the closing of the business combination, subject to the satisfaction or waiver of closing conditions.
About Helix Acquisition Corp. II (HLXB)
Helix Acquisition Corp. II (Nasdaq: HLXB) is a special purpose acquisition company (SPAC) formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. Helix Acquisition Corp. II raised
About TheRas, Inc. d/b/a BridgeBio Oncology Therapeutics (BBOT)
BridgeBio Oncology Therapeutics (BBOT) is a clinical-stage biopharmaceutical company advancing a next-generation pipeline of novel small molecule therapeutics targeting RAS and PI3K伪 malignancies. Initially formed as a subsidiary of BridgeBio Pharma, Inc. (Nasdaq: BBIO), BBOT has the goal of improving outcomes for patients with cancers driven by the two most prevalent oncogenes in human tumors. For more information, visit bbotx.com.
Forward-Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements. Forward-looking statements generally are accompanied by words such as 鈥渆xpect鈥�, 鈥渆xpected鈥� and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expectations relating to the business combination, including the proceeds of the business combination and the financing and the timing of the closing of the business combination. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of BBOT鈥檚 and Helix鈥檚 management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by an investor as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions. Many actual events and circumstances are beyond the control of BBOT and Helix. Some important factors that could cause actual results to differ materially from those in any forward-looking statements could include: changes in domestic and foreign business, market, financial, political and legal conditions; the ability of the parties to successfully consummate the business combination; the satisfaction or waiver 聽of the conditions to the consummation of the Business Combination, including the satisfaction or waiver of the minimum cash condition; the ability of the combined company to meet Nasdaq鈥檚 initial listing standards and list the combined company鈥檚 stock on Nasdaq; and the risks set forth in the definitive proxy statement/prospectus filed by Helix with the Securities and Exchange Commission on July 10, 2025 (File No. 333-288222), as supplemented on July 21, 2025, including the 鈥淩isk Factors鈥� section therein, and Helix鈥檚 other filings with the Securities and Exchange Commission. If any of these risks materialize or Helix鈥檚 or BBOT鈥檚 assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Helix or BBOT presently know or that Helix and BBOT currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Helix鈥檚 and BBOT鈥檚 expectations, plans, or forecasts of future events and views as of the date of this press release and are qualified in their entirety by reference to the cautionary statements herein. Helix and BBOT anticipate that subsequent events and developments will cause Helix鈥檚 and BBOT鈥檚 assessments to change. These forward-looking statements should not be relied upon as representing Helix鈥檚 and BBOT鈥檚 assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. Neither Helix, BBOT, nor any of their respective affiliates undertake any obligation to update these forward-looking statements, except as required by law.
FAQ
How much money will the HLXB and BridgeBio Oncology merger raise in total?
What percentage of Helix Acquisition Corp. II's trust account was retained after redemptions?
Who are the major investors in the HLXB-BridgeBio PIPE financing?
What is BridgeBio Oncology Therapeutics' main focus?
When is the redemption deadline for the HLXB-BridgeBio merger?
