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Helix Acquisition Corp. III
Helix Acquisition Corp. III priced a $150 million initial public offering in February 2024, listing on Nasdaq under the ticker HELC.
Helix Acquisition Corp. III
Helix Acquisition Corp. III priced a $150 million initial public offering in February 2024, listing on Nasdaq under the ticker HELC. Bihua Chen, founder and chief executive officer of Cormorant Asset Management, leads the vehicle as CEO and director — continuing a pattern she established with Helix I (closed in 2021) and Helix II (closed in 2023). Chen's day job running Cormorant, a Boston-based hedge fund with a healthcare focus, supplies the sourcing pipeline that distinguishes Helix SPACs from generalist blank-check operators. Chen deploys Helix III capital into a single healthcare or biopharma target, with no stated sub-sector exclusions. The SPAC's registration statement authorizes searches across the US, Europe, and Asia, though Chen's prior Helix vehicles concentrated on North American assets. Her first two SPACs executed deals with MoonLake Immunotherapeutics, a Swiss-based inflammation biotech that later read out strong Phase II data, and enGene, a gene therapy platform working on non-viral delivery. Each transaction leaned on Cormorant's ability to underwrite clinical-stage risk — the edge Chen advertises to co-investors. Helix III's board supplements Chen with directors from venture capital and biotech operations, including representatives from Bain Capital Life Sciences and a former Moderna manufacturing executive. The SPAC structure means Helix III has no permanent AUM; the trust account holds IPO proceeds until a merger closes or the vehicle liquidates. Chen personally purchased an additional $8 million of Helix III units at the time of offering — an insider signal common across her SPAC series. Cormorant, her core firm, managed roughly $3 billion in total assets as of its most recent public filing. Helix III's core structural differentiator is its proprietary pipeline relationship with Cormorant Asset Management. Most SPAC sponsors are generalist financiers; Chen runs an active life-sciences investment platform that screens hundreds of private companies annually, giving her acquisition vehicles first refusal on assets Cormorant already knows. The timeline pressure standard to SPACs — typically 18 to 24 months to find and close a deal — creates incentives that overlap with Chen's broader portfolio strategy, but also concentrates outcome risk in a single bet. Helix III must complete its initial business combination by mid-2025 or return capital to shareholders.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Boston
Corporate office
Boston, MA, United States
Sector focus
Frequently asked questions
Who leads Helix Acquisition Corp. III and what is her track record with previous SPACs?
Bihua Chen, who also runs healthcare-focused hedge fund Cormorant Asset Management, is the chief executive officer and a director. Her first SPAC, Helix I, merged with MoonLake Immunotherapeutics; Helix II combined with gene therapy firm enGene. Chen's biotech SPACs are distinguished by R&D underwriting capability rather than purely financial structuring, a skill drawn from her two decades as a life-sciences investor.
How does Helix III source potential merger targets?
Chen accesses deal flow through Cormorant Asset Management's existing private-company relationships. Cormorant, which manages roughly $3 billion in public and private life-sciences assets, participates in venture rounds and tracks cross-over candidates that may require public-market capital. That pipeline gives Helix III an information advantage over sponsors lacking a parallel investment platform.
What sectors does Helix III target, and are there explicit exclusions?
The SPAC's mandate targets healthcare broadly — biopharma, medical devices, diagnostics, and digital health — in the US, Europe, and Asia. No sub-sectors are explicitly excluded in the trust agreement, though Chen's prior deals suggest a preference for platform biotechs with near-term clinical catalysts.
What is Helix III's relationship with Cormorant Asset Management?
Helix III is a legally distinct special-purpose acquisition company, but it draws its entire management and sourcing capability from Cormorant. Chen is CEO of both entities, and other Cormorant professionals assist with due diligence. The arrangement is a conflict-management exercise: Cormorant may co-invest alongside Helix III, but Chen must allocate opportunities under a negotiated policy.
What is Helix III's deadline to complete a merger?
The SPAC has a standard two-year window from its February 2024 IPO, meaning it must complete a business combination by approximately February 2026. If no deal closes, the trust liquidates and public shareholders receive their pro-rata portion of IPO proceeds held in escrow.
Does Helix III accept external co-investors beyond its trust capital?
Yes. SPAC mergers frequently include PIPE (private investment in public equity) rounds to supplement trust capital. Chen's role at Cormorant means affiliated funds may participate in such PIPEs, disclosed in definitive proxy materials. External institutional investors can also commit additional equity at the time of a merger announcement.
What differentiates Helix III from the many other SPACs launched in recent years?
Chen's deep life-sciences specialization separates Helix III from generalist SPAC sponsors. Cormorant's ongoing private-market deal activity creates an organic target list, and Chen's prior SPAC exits link her reputation to clinical outcomes rather than just closing mechanics. The model mirrors a handful of specialist sponsor platforms — like RA Capital's or Perceptive Advisors' — where the SPAC extends an existing investment capability.
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