Full Press Release Details
Helix Acquisition Corp. II Retains More than
60% of Trust Account after Redemptions in
connection with Business Combination with BridgeBio Oncology Therapeutics
BOSTON & SOUTH SAN FRANCISCO, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Helix Acquisition Corp. II ("Helix") (Nasdaq:
HLXB), a special purpose acquisition company sponsored by affiliates of Cormorant Asset Management, and TheRas, Inc. (d/b/a BridgeBio
Oncology Therapeutics) ("BBOT"), a clinical-stage biopharmaceutical company advancing a next-generation pipeline of
novel small molecule therapeutics targeting RAS and PI3K malignancies, today announced that Helix retained approximately $120
million in its trust account, net of redemptions by public shareholders, representing more than 60% of the cash held in trust. The deadline for submitting redemption requests was July 31, 2025.
As a result, the transaction is expected to
raise an aggregate of approximately $382 million in gross proceeds, including $120 million from Helix's trust account and
approximately $261 million from a common stock private placement (PIPE) transaction led by Cormorant Asset Management and including ADAR1 Capital Management, BC Capital, investment funds affiliated with Deerfield Management
Company, Enavate Sciences, Eventide Asset Management, Novo Holdings A/S, Octagon Capital, Omega Funds, Paradigm BioCapital Advisors, StemPoint
Capital LP, Surveyor Capital (a Citadel company), Wellington Management, and another leading mutual fund.
Helix and BBOT intend to proceed expeditiously
with the closing of the business combination, subject to the satisfaction or waiver of closing conditions.
About Helix Acquisition Corp. II (HLXB)
Helix Acquisition Corp. II (Nasdaq: HLXB) is a
special purpose acquisition company (SPAC) formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock
purchase, reorganization, or similar business combination with one or more businesses. Helix Acquisition Corp. II raised $184 million
in its initial public offering on February 9, 2024. Helix is sponsored by affiliates of Cormorant Asset Management and is headquartered
in Boston, Massachusetts.
About TheRas, Inc. d/b/a BridgeBio Oncology
BridgeBio Oncology Therapeutics (BBOT) is a clinical-stage
biopharmaceutical company advancing a next-generation pipeline of novel small molecule therapeutics targeting RAS and PI3K malignancies.
Initially formed as a subsidiary of BridgeBio Pharma, Inc. (Nasdaq: BBIO), BBOT has the goal of improving outcomes for patients with cancers
driven by the two most prevalent oncogenes in human tumors. For more information, visit bbotx.com.
Forward-Looking Statements
Certain statements included in this press
release that are not historical facts are forward-looking statements. Forward-looking statements generally are accompanied by words
such as "expect", "expected" and similar expressions that predict or indicate future events or trends or
that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements
regarding expectations relating to the business combination, including the proceeds of the business combination and the financing
and the timing of the closing of the business combination. These statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations of BBOT's and Helix's management and are not
predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended
to serve as and must not be relied on by an investor as a guarantee, an assurance, a prediction, or a definitive statement of fact
or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions. Many actual
events and circumstances are beyond the control of BBOT and Helix. Some important factors that could cause actual results to differ
materially from those in any forward-looking statements could include: changes in domestic and foreign business, market, financial,
political and legal conditions; the ability of the parties to successfully consummate the business combination; the satisfaction or
waiver of the conditions to the consummation of the Business Combination, including the satisfaction or waiver of the minimum cash
condition; the ability of the combined company to meet Nasdaq's initial listing standards and list the combined
company's stock on Nasdaq; and the risks set forth in the definitive proxy statement/prospectus filed by Helix with the
Securities and Exchange Commission on July 10, 2025 (File No. 333-288222), as supplemented on July 21, 2025, including the
"Risk Factors" section therein, and Helix's other filings with the Securities and Exchange Commission. If any of
these risks materialize or Helix's or BBOT's assumptions prove incorrect, actual results could differ materially from
the results implied by these forward-looking statements. There may be additional risks that neither Helix or BBOT presently know or
that Helix and BBOT currently believe are immaterial that could also cause actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements reflect Helix's and BBOT's expectations, plans, or
forecasts of future events and views as of the date of this press release and are qualified in their entirety by reference to the
cautionary statements herein. Helix and BBOT anticipate that subsequent events and developments will cause Helix's and
BBOT's assessments to change. These forward-looking statements should not be relied upon as representing Helix's and
BBOT's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be
placed upon the forward-looking statements. Neither Helix, BBOT, nor any of their respective affiliates undertake any obligation to
update these forward-looking statements, except as required by law.