BioPharma Dive February 28, 2025
The deal comes amid an uptick in so-called SPAC deals, which had fallen out of favor due to poor returns and increased federal oversight.
BridgeBio Oncology Therapeutics, a cancer drug startup spun out of biotechnology company BridgeBio Pharma, will go public by merging with a blank-check entity.
In a deal announced Friday, BridgeBio Oncology expects to get around $450 million by combining with Helix Acquisition Corp., a special purpose acquisition company, or SPAC, formed by biotech investor Cormorant Asset Management. The proceeds include $196 million held by Helix as well as commitments by more than a dozen investors to buy about $260 million in shares at $10.36 apiece.
The deal puts the startup’s equity value at $949 million. Including existing...
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