Helix Acquisition Corp. II (HLXB) and TheRas, which does business as BridgeBio Oncology Therapeutics, said Friday they have agreed to merge to form biopharmaceutical company BridgeBio Oncology Therapeutics.
The combined company is expected to have an implied pro forma equity value of about $949 million at closing based on a share price of $10.36 and no redemptions of Helix shares, and will be listed on Nasdaq with the ticker symbol BBOT, according to a joint statement.
The transaction includes about $196 million from Helix's trust account and $260 million in private investment in public equity funding from Cormorant Asset Management, with contributions from other institutional investors, the companies said.
Upon completion of the deal expected in Q3, BridgeBio Oncology expects to have access to about $550 million in cash, including $100 million in existing funds, assuming no redemptions by Helix shareholders, the companies said.
Net proceeds from the deal will support BridgeBio Oncology's three lead programs targeting RAS and PI3K malignancies, the joint statement said.
BridgeBio Oncology, initially formed as a subsidiary of BridgeBio Pharma (BBIO), was spun off in 2024 after a $200 million private financing with external investors.
Helix Acquisition shares were up 6% in early trading Friday.
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