BridgeBio Oncology has entered a definitive merger agreement with Helix Acquisition Corp II, which will result in the formation of a combined entity known as BridgeBio Oncology Therapeutics.
The transaction includes $196m from Helix’s trust account and an additional $260m from a private investment in public equity (PIPE), led by Cormorant Asset Management.
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Assuming no redemptions, the total proceeds are anticipated to be $450m, combining funds held in the Helix trust account and PIPE financing.
The PIPE, featuring several investors, funds the advancement of BBOT’s three drug development programmes: BBO-8520, BBO-10203 and BBO-11818.
The merger is expected to provide BBOT with $550m in cash.
BBOT CEO Eli Wallace stated: “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 programmes and make a meaningful impact on patients affected by deadly cancers.”
BBOT’s BBO-8520, a KRASG12C inhibitor, is currently undergoing the Phase I ONKORAS-101 trial for treating KRASG12C mutant non-small cell lung cancer.
BBO-10203, tailored to inhibit RAS-PI3Kα interaction, is being evaluated in the Phase I BREAKER-101 trial. The first subject dosing with BBO-11818, a pan-KRAS inhibitor, is anticipated in the first half of 2025.
At closing, BBOT as the combined company will have an implied pro forma equity value of $949m, with BBOT shareholders rolling their full equity into the new entity.
The transaction, anticipated to be completed in the third quarter of 2025, has received approval from both companies’ boards and awaits stockholder consent and other customary closing conditions.
Leerink Partners and Morgan Stanley, along with Cantor and Oppenheimer & Co, served as Helix’s placement agents, while Piper Sandler served as capital markets advisor to BBOT.
Goodwin Procter, White & Case and Kirkland & Ellis provided legal counsel to the involved parties.
