Helix Acquisition II, a blank check company formed by Cormorant Asset Management targeting healthcare, raised the proposed deal size for its upcoming IPO on Friday.
The Boston, MA-based company now plans to raise $150 million by offering 15 million shares at $10. The company had previously filed to offer 10 million shares at the same price. The company is not offering units with warrants attached. At the revised terms, Helix Acquisition II will raise 50% more in proceeds than previously anticipated.
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; +470% 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. Leerink Partners is the sole bookrunner on the deal.
