January 23, 2026 News
Cormorant Asset Management’s SPAC Helix Acquisition III prices upsized $150 million IPO
Helix Acquisition III, a blank check company formed by Cormorant Asset Management targeting healthcare, raised $150 million by offering 15 million shares at $10. The company had originally planned to raise $125 million by offering 12.5 million shares. Unlike most SPACs, the company did not offer units with warrants or rights attached.
SPAC Helix Acquisition III files IPO
Cormorant’s SPAC Helix Acquisition III files for a $125 million IPO, targeting healthcare
Helix Acquisition III, the third blank check company formed by Cormorant Asset Management targeting healthcare, filed on Monday with the SEC to raise up to $125 million in an initial public offering.
The Boston, MA-based company plans to raise $125 million by offering 12.5 million shares at $10. Unlike most SPACs, the company is not offering units with warrants or rights attached.
Helix Acquisition II is led by CEO and Chair Bihua Chen, founder and Managing Member of healthcare investment firm Cormorant Asset Management. He is joined by CFO and COO Caleb Tripp, the CFO of Cormorant. The SPAC plans to target the healthcare or healthcare-related industries, particularly focusing on the biotech, medtech, and life science sectors.
Management’s previous SPACs include Helix Acquisition II, which completed its merger with oncology biotech BridgeBio Oncology Therapeutics （BBOT; +37% from $10 offer price） in August 2025, and Helix Acquisition, which completed its merger with biotech MoonLake Immunotherapeutics （Nasdaq: MLTX; +49%） in April 2022.
The Boston, MA-based company was founded in 2025 and plans to list on the Nasdaq under the symbol HLXC. Leerink Partners and Oppenheimer & Co. are the joint bookrunners on the deal.
Helix Acquisition II Closes Upsized $184M IPO
February 14, 2024,Helix Acquisition II said it has completed its initial public offering of 18.4 million shares at $10 each, including 2.4 million shares as a result of the underwriter’s exercise in full of its over-allotment option.
Formed by Cormorant Asset Management, Helix II intends to focus on the healthcare industry.
No warrants were included in the offering.
Cormorant has “indicated the interest” of buying 2.5 million shares as well as potentially investing $35 million in a private placement that would occur with the closing of a merger with the SPAC. There are no formal agreements in place for these possible investments. Cormorant is a life sciences-focused investment firm with over $2 billion AUM.
The SPAC’s shares trade on the Nasdaq under the symbol HLXB.