Core Insights - Helix Acquisition Corp. II has retained approximately $120 million in its trust account, net of redemptions, representing over 60% of the cash held in trust [1] - The transaction is expected to raise approximately $382 million in gross proceeds, including $120 million from Helix's trust account and about $261 million from a private placement transaction [2] - Helix and TheRas, Inc. (BridgeBio Oncology Therapeutics) plan to expedite the closing of their business combination, pending the satisfaction or waiver of closing conditions [3] Company Overview - Helix Acquisition Corp. II is a special purpose acquisition company (SPAC) formed to effect a merger or similar business combination, having raised $184 million in its initial public offering on February 9, 2024 [4] - TheRas, Inc. (BridgeBio Oncology Therapeutics) is a clinical-stage biopharmaceutical company focused on developing novel small molecule therapeutics targeting RAS and PI3Kα malignancies, initially formed as a subsidiary of BridgeBio Pharma, Inc. [5] Financial Highlights - The combined company will have access to gross proceeds of approximately $120 million from the trust account and approximately $261 million from PIPE financing at the closing [7] - The transaction reflects the lowest redemption rate for a biotech de-SPAC transaction since 2022 [7]
Helix Acquisition Corp. II Retains More than 60% of Trust Account after Redemptions in connection with Business Combination with BridgeBio Oncology Therapeutics