Business
Helix Acquisition Corp. II Retains More than 60% of Trust Account after Redemptions in connection with Business Combination with BridgeBio Oncology Therapeutics
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 closing2nd lowest redemption rate for a biotech de-SPAC transaction since 2022 BOSTON & SOUTH SAN FRANCISCO, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Helix Acquisition Corp. II (“Helix”) (Nasdaq: HLXB), a special purpose acquisition company sponsored by affiliates of Cormorant Asset Management, and TheRas, Inc. (d/b/a BridgeBio Oncology Therap
About this update from Bridgebio Pharma, Inc.
[{"type":"list","items":[{"val":[{"type":"text","content":"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","length":169,"tagName":"p"}]},{"val":[{"type":"text","content":"2nd lowest redemption rate for a biotech de-SPAC transaction since 2022","length":71,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":240,"olType":false},{"type":"text","content":"BOSTON & SOUTH SAN FRANCISCO, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Helix Acquisition Corp. II (“Helix”) (Nasdaq: HLXB), a special purpose acquisition company sponsored by affiliates of Cormorant Asset Management, and TheRas, Inc. (d/b/a BridgeBio Oncology Therapeutics) (“BBOT”), a clinical-stage biopharmaceutical company advancing a next-generation pipeline of novel small molecule therapeutics targeting RAS and PI3Kα malignancies, today announced that Helix retained approximately $120 million in its trust account, net of redemptions by public shareholders, representing more than 60% of the cash held in trust. The deadline for submitting redemption requests was July 31, 2025.","length":684,"tagName":"p"},{"type":"text","content":"As a result, the transaction is expected to raise an aggregate of approximately $382 million in gross proceeds, including $120 million from Helix’s trust account and approximately $261 million from a common stock private placement (PIPE) transaction led by Cormorant Asset Management and including ADAR1 Capital Management, BC Capital, investment funds affiliated with Deerfield Management Company, Enavate Sciences, Eventide Asset Management, Novo Holdings A/S, Octagon Capital, Omega Funds, Paradigm BioCapital Advisors, StemPoint Capital LP, Surveyor Capital (a Citadel company), Wellington Management, and another leading mutual fund.","length":638,"tagName":"p"},{"type":"text","content":"Helix and BBOT intend to proceed expeditiously with the closing of the business combination, subject to the satisfaction or waiver of closing conditions.","length":153,"tagName":"p"},{"type":"text","content":"About Helix Acquisition Corp. II (HLXB)","length":39,"tagName":"p"},{"type":"text","content":"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 acquisi...