BridgeBio Oncology and Helix Acquisition Announce Merger to Create Biotech Company
BridgeBio Oncology Therapeutics (BBOT), a clinical-stage biopharmaceutical company focused on developing novel small molecule therapeutics for RAS and PI3Kα-targeted malignancies, and Helix Acquisition Corp. II (Nasdaq: HLXB), a special purpose acquisition company (SPAC) backed by Cormorant Asset Management, have announced a definitive business combination agreement. Following the transaction’s completion, the merged entity will be renamed BridgeBio Oncology Therapeutics, Inc., with its common stock expected to trade on Nasdaq under the ticker symbol BBOT.
BridgeBio Oncology Therapeutics (BBOT), a clinical-stage biopharmaceutical company developing next-generation small molecule therapeutics targeting RAS and PI3Kα-driven malignancies, and Helix Acquisition Corp. II (Nasdaq: HLXB), a special purpose acquisition company (SPAC) sponsored by Cormorant Asset Management, have announced a business combination agreement. This deal will result in a publicly listed biotechnology company focused on advancing an innovative pipeline of therapies for deadly cancers.
The transaction will be funded through a combination of approximately $196 million held in Helix’s trust account and a $260 million private investment in public equity (PIPE) led by Cormorant Asset Management. The PIPE also includes investments from several prominent institutional investors, including ADAR1 Capital Management, BC Capital, Deerfield Management Company, Novo Holdings A/S, and others. With the merger, BBOT expects to have access to approximately $550 million in cash to fund its pipeline, which includes three promising therapies: BBO-8520, BBO-10203, and BBO-11818.
Eli Wallace, PhD, Chief Executive Officer of BBOT, commented, “This financing and transaction mark a significant milestone for our company. We are profoundly grateful to the patients who participate in our trials, our dedicated BBOT team members, and our investors. We believe this transaction is the optimal path to advance our programs and make a meaningful impact on patients affected by deadly cancers.”
BBOT plans to use the net proceeds from the business combination to accelerate the development of its lead programs. These include BBO-8520, a direct inhibitor of KRASG12C, which is being evaluated in the Phase 1 ONKORAS-101 trial for non-small cell lung cancer (NSCLC) patients with the KRASG12C mutation.
Another key program, BBO-10203, is a novel oral small molecule designed to inhibit the RAS-PI3Kα-AKT signaling pathway. It is currently being tested in the Phase 1 BREAKER-101 trial in patients with HER2+ breast cancer, KRAS mutant colorectal cancer, and NSCLC. The third program, BBO-11818, is a pan-KRAS inhibitor targeting KRAS mutations, with a focus on KRASG12D and KRASG12V. The first patient for this program is expected to be dosed in the first half of 2025.
Bihua Chen, Founder and CEO of Cormorant Asset Management and Helix, praised BBOT’s pipeline, stating, “BBOT’s team has some of the brightest minds in oncology, with a proven track record of developing new medicines. The company’s pipeline has the potential for paradigm-shifting impact on the treatment of some of the highest prevalence malignancies, and we look forward to seeing patient impact further materialize as the clinical trials move forward.”
Transaction Details
Upon the completion of the business combination, the combined company is expected to have approximately $550 million in cash, which will be used to accelerate the development of BBOT’s pipeline. This includes $196 million from Helix’s trust account and an additional $260 million raised through the PIPE financing. The deal values BBOT at an implied pro forma equity value of approximately $949 million, assuming no redemptions of Helix’s public shares and a share price of $10.36 per share. BBOT’s shareholders will roll 100% of their equity into the combined company and will not receive any cash proceeds.
The transaction has been approved by the boards of directors of both BBOT and Helix and is expected to close in the third quarter of 2025, subject to approval by the stockholders of both companies and the satisfaction of closing conditions.
Advisor Information
Several financial institutions played advisory roles in this transaction. Leerink Partners, Morgan Stanley, Cantor, and Oppenheimer & Co. served as placement agents for Helix, with Leerink Partners also acting as the lead capital markets advisor. Piper Sandler served as capital markets advisor to BBOT, and Goodwin Procter, White & Case LLP, and Kirkland & Ellis LLP provided legal counsel to BBOT, Helix, and the placement agents, respectively.
About BridgeBio Oncology Therapeutics (BBOT)
BridgeBio Oncology Therapeutics (BBOT) is a clinical-stage biopharmaceutical company dedicated to advancing a next-generation pipeline of small molecule therapeutics targeting RAS and PI3Kα-driven cancers. As a subsidiary of BridgeBio Pharma, Inc. (Nasdaq: BBIO), BBOT focuses on improving outcomes for patients with cancers driven by these two prevalent oncogenes. The company’s pipeline is positioned to deliver breakthrough therapies with the potential to treat some of the most common and challenging malignancies.
