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Cormorant's SPAC Helix Acquisition II prices further upsized $160 million IPO

February 9, 2024

Helix Acquisition II, a blank check company formed by Cormorant Asset Management targeting healthcare, raised $160 million by offering 16 million shares at $10. The company offered 1 million more shares than anticipated. It originally planned to offer 10 million shares but revised the terms earlier this month. Unlike a typical SPAC, Helix Acquisition II did not offer units with warrants attached.

Helix Acquisition II is led by CEO and Chair Bihua Chen, founder and Managing Member of healthcare investment firm Cormorant Asset Management. The SPAC plans to target the healthcare or healthcare-related industries, particularly focusing on the biotech sector.

Management's previous SPAC, Helix Acquisition, completed its combination with biotech MoonLake Immunotherapeutics (Nasdaq: MLTX; +513% from $10 offer price) in April 2022.

Helix Acquisition II plans to list on the Nasdaq under the symbol HLXB. Leerink Partners acted as sole bookrunner on the deal.