Cormorant's healthcare SPAC Helix Acquisition prices $100 million IPO at $10

Helix Acquisition, a blank check company formed by Cormorant Asset Management targeting healthcare, raised $100 million by offering 10 million shares at $10. Unlike an ordinary SPAC, the company did not offer warrants that would become exercisable following completion of the initial business combination. The company may raise an additional $25 million at the closing of an acquisition pursuant to a forward purchase agreement with Cormorant.

The company is led by CEO and Chairman Bihua Chen, founder and managing member of healthcare investment firm Cormorant Asset Management, and CFO Jay Scollins, who joined Cormorant in 2013 as CFO and COO. The company intends to target businesses that complement the management team’s background, specifically focusing on the healthcare industry.

Helix Acquisition plans to list on the Nasdaq under the symbol HLXA. Jefferies acted as sole bookrunner on the deal.