BridgeBio Oncology Therapeutics (BBOT) is merging with Helix Acquisition Corp. II in a SPAC deal worth $450 million in proceeds1.
The combined entity will be named BridgeBio Oncology and trade under the symbol BBOT on the Nasdaq12.
BBOT was spun out of BridgeBio Pharma in May 2024 with $200 million in initial funding4.
The merger includes $196 million from Helix's trust account and $260 million in PIPE financing led by Cormorant Asset Management12.
BBOT is developing three lead programs targeting the RAS and PI3K pathways:
BBO-8520:
A KRAS inhibitor in Phase I trial for KRASG12C mutant non-small cell lung cancer14
BBO-10203: A PI3Kα:
RAS breaker in Phase I trial for breast, colorectal, and lung cancers14
BBO-11818:
A pan-KRAS inhibitor expected to enter clinical trials in 202514
The transaction is expected to close in the third quarter of 2025, resulting in a combined entity valued at $949 million1.
BBOT will have access to approximately $550 million in cash after the merger, compared to its current $100 million12.
The company aims to improve upon current approaches to RAS-driven cancers, potentially addressing resistance mechanisms seen with first-generation KRAS inhibitors2.
Eli Wallace, Ph.D., serves as the CEO of BBOT, while Neil Kumar, BridgeBio's CEO, will serve as a director4.
This SPAC merger represents a rare example of such a deal in the biotech sector in 2025, following a decline in popularity after the 2021 SPAC boom110.
Sources:
1. https://www.biospace.com/business/bridgebio-oncology-takes-unexpected-spac-track-to-public-markets-in-450m-deal
2. https://medcitynews.com/2025/02/bridgebio-oncology-spac-merger-cormorant-ras-cancer-krasg12-bbot/
4. https://www.biospace.com/bridgebio-spins-out-oncology-company-with-200m-in-financing
10. https://www.fiercebiotech.com/biotech/bridgebios-kras-focused-cancer-spinout-backs-spac-path-nasdaq