White & Case advises Helix Acquisition Corp. II on its US$949 million business combination with BridgeBio Oncology Therapeutics

Global law firm White & Case LLP has advised Helix Acquisition Corp. II (NASDAQ: HXLB), a special purpose acquisition company sponsored by affiliates of Cormorant Asset Management, on its entry into a definitive business combination agreement with BridgeBio Oncology Therapeutics, a clinical-stage biopharmaceutical company advancing a next-generation pipeline of novel small-molecule therapeutics targeting RAS and PI3Kα malignancies, and on a related US$260 million PIPE financing led by Cormorant Asset Management and including other leading institutional investors.

Upon closing of the transaction, the combined company will be renamed "BridgeBio Oncology Therapeutics, Inc.", and the company's common stock is expected to be listed on Nasdaq under the ticker symbol BBOT. Total proceeds from the transaction, assuming no redemptions, are expected to be approximately US$450 million, combining funds held in the Helix Acquisition Corp. II trust account and the US$260 million PIPE financing. The combined company is expected to have an implied pro forma equity value of approximately US$949 million at closing.

Helix Acquisition Corp. II is the second life sciences-focused SPAC sponsored by affiliates of Cormorant Asset Management for which White & Case has advised on both its initial public offering and business combination transaction.

The White & Case team was led by Capital Markets partner Joel Rubinstein (New York) and M&A partner Neeta Sahadev (Silicon Valley), and included Capital Markets partner Jonathan Rochwarger and associate Melissa Curvino (both in New York); Intellectual Property partner Bethany Hills (New York); Employment, Compensation & Benefits partner Henrik Patel (New York) and associate Lucee Laursen (Chicago); Tax partner Steven Gee (New York) and counsel Chris Ohlgart (Chicago); Data, Privacy & Cybersecurity partner F. Paul Pittman (Washington, DC); Antitrust partner Rebecca Farrington and associates Andrew Hamm (both in Washington, DC) and Rucha Phadtare (New York); Technology Transactions counsel Ajita Shukla (Washington, DC); and M&A associate Kasey Lee (New York). International law clerk German Macias Salas and law clerk Karen Chan also assisted on the matter.

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