Cormorant's SPAC Helix Acquisition II files for a $100 million IPO

Helix Acquisition II, a blank check company formed by Cormorant Asset Management targeting healthcare, filed on Thursday with the SEC to raise up to $100 million in an initial public offering.

The Boston, MA-based company plans to raise $100 million by offering 10 million shares at $10. The company is not offering units with warrants attached. At the proposed deal size, Helix Acquisition II would command a market value of $129 million.

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 (MLTX; +453% from $10 offer price) in April 2022.

Helix Acquisition II was founded in 2021 and plans to list on the Nasdaq under the symbol HLXB. The company filed confidentially on December 20, 2023. Leerink Partners is the sole bookrunner on the deal.