BridgeBio Oncology to Go Public in SPAC Deal Bringing $450M+ for Trio of Cancer Drugs

BridgeBio Oncology Therapeutics, an organization working to advance the sector of therapies addressing a validated however elusive group of most cancers targets, has reached a deal to go public in a SPAC merger that brings greater than $450 million to assist medical testing of three drug candidates.

The merger settlement introduced Friday is with Helix Acquisition Corp. II, a SPAC sponsored by associates of Cormorant Asset Administration. When the deal closes, the mixed firm will take the BridgeBio Oncology Therapeutics identify and is anticipated to commerce on the Nasdaq underneath the inventory image “BBOT.”

BridgeBio Oncology spun out of BridgeBio Pharma final yr, backed by $200 million in financing led by Cormorant. The biotech goals to enhance on present approaches to RAS, a household of proteins that act like an on/off change to manage cell development. Mutated variations of those signaling proteins drive most cancers proliferation. Amgen’s Lumakras and Bristol Myers Squibb’s Krazati (from Mirati Therapeutics), which deal with a selected mutation known as KRAS G12C, have FDA approvals in colorectal and non-small cell lung most cancers. Each small molecule medicine work by focusing on KRAS G12C when it’s within the “off” state, locking the mutated protein on this inactive kind.

BridgeBio Oncology goals to drug KRAS G12C in each the “on” and “off” states with a drug codenamed BBO-8520. A Section 1 examine is testing this drug in sufferers with non-small cell lung most cancers. Preliminary knowledge for BBO-8520, as a monotherapy and together with Merck immunotherapy Keytruda, are anticipated within the second half of 2025.

A second drug candidate, BBO-10203, blocks the interplay between RAS and PI3K alpha, a household of enzymes concerned in mobile development and proliferation. Whereas PI3K alpha inhibitors have reached the market, BridgeBio Oncology goals to supply a greater security profile. A Section 1 take a look at is underway evaluating BBO-10203 in superior instances of breast most cancers, colorectal most cancers, and non-small cell lung most cancers. The third drug, BBO-11818, is a pan-KRAS inhibitor focusing on mutant variations KRAS proteins in each the “on” and “off” states. BridgeBio Oncology says this molecule is designed to supply efficiency in opposition to KRAS G12D and KRAS G12V mutations; dosing of the primary affected person is anticipated within the first half of this yr.

In an investor presentation, Helix stated the flexibility to focus on many forms of KRAS G12mutation-driven cancers creates alternatives for drug combos, remedy throughout the assorted levels of most cancers, and income from a number of medicine. BridgeBio Oncology has a big market alternative with about 250,000 sufferers recognized yearly within the U.S. throughout the goal indications of breast, lung, colorectal, and pancreatic cancers, in keeping with the presentation.

“The corporate’s pipeline has the potential for paradigm-shifting affect on the remedy of a number of the highest prevalence malignancies and we sit up for seeing affected person affect additional materialize because the medical trials transfer ahead,” Bihua Chen, founder and CEO of Cormorant and CEO of Helix, stated in a ready assertion.

BridgeBio Oncology faces competitors from different corporations attempting to develop next-generation KRAS inhibitors. Revolution Medicines expects knowledge readouts this yr for the KRAS G12D inhibitor zodronrasib and the KRAS G12C inhibitor elironrasib. Each medicine are in early medical improvement as monotherapies and as a part of mixture remedies for stable tumors. Frontier Medicines’ lead program, FMC-376, inhibits KRAS G12C in each its energetic and inactive states. A Section 1/2 take a look at is ongoing. As for Bristol Myers Squibb, the Mirati acquisition that introduced Krazati included one other drug candidate in early medical improvement for KRAS G12D-mutated stable tumors. In the meantime, Astellas Pharma’s strategy to KRAS G12D degrades the goal protein.

BridgeBio Oncology brings to the Helix merger about $100 million in money. That cash might be mixed with $196 million of Helix’s personal funds. The newly public firm will elevate extra capital from a gaggle of institutional buyers, led by Cormorant, who’ve dedicated to buy BridgeBio Oncology shares priced at $10.36 every to lift one other $260 million. The money is anticipated to offer sufficient runway to final into 2027, in keeping with the investor presentation.

The boards of administrators of BridgeBio Oncology and Helix have authorized the proposed merger, which is anticipated to be accomplished within the third quarter of this yr. The transaction nonetheless wants shareholder approvals.

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