The Special Purpose Acquisitions Companies and Life Sciences teams advised TheRas, Inc. doing business as BridgeBio Oncology Therapeutics (“BBOT”) in its definitive business combination agreement with Helix Acquisition Corp. II (NASDAQ: HLXB), a SPAC sponsored by affiliates of Cormorant Asset Management. BBOT will become a publicly traded company upon the closing of the transaction, currently expected in the third quarter of 2025. The transaction is subject to customary closing conditions.
The transaction is expected to deliver up to $450 million of gross proceeds to the combined company prior to the payment of transaction expenses, consisting of an approximately $260 million committed PIPE financing and assuming the contribution of up to $196 million of cash held in Helix’s trust account. Leerink Partners, Morgan Stanley, Cantor Fitzgerald, and Oppenheimer & Co. acted as placement agents in connection with the PIPE financing.
BridgeBio Oncology Theraputics is a clinical-stage biopharmaceutical company advancing a next-generation pipeline of novel small molecule therapeutics targeting RAS and PI3Kα 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.
Helix Acquisition Corp. II 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 $184 million in its initial public offering on February 9, 2024. Helix is sponsored by affiliates of Cormorant Asset Management and is headquartered in Boston, Massachusetts.
The Goodwin team was led by Jocelyn Arel, Maggie Wong, Dan Espinoza and Justin Anslow, and included Alicia Tschirhart, Swetha Gopalakrishnan, Yifeng Yuan, Leon Levman and Candace Rue Hagey (Corporate), Grace Wirth and Rahat Tariq (ECB); Julie Tibbets and Elizabeth Mulkey (FDA), Matthew Wetzel (Healthcare), Dan Karelitz and Shlomo Gottesman (Tax); Justin Pierce and Gozde Guckaya (Global Trade); Simone Waterbury (Antitrust/HSR); Jonathan Shaprio, Hayes Hyde, Christina Ademola, Andrew Hudlow, Michal Casaburi (Litigation); Jim Matarese and Folake Ayoola (PCAP); Ettore Santucci and Mark Burnett (Opinions); with invaluable help from Noelle Dubiansky and Kimberley Maruncic (Corporate) and Tricia Hojo and Ruowen Li (Paralegal).
For additional details on the transaction, please read the Press Release.