Two SPAC’d biotechs raise additional money as Bihua Chen’s blank check closes $184M IPO

The post-SPAC life isn’t all too great for most biotech com­pa­nies — or those in oth­er in­dus­tries, for that mat­ter. But some drug de­vel­op­ers that went the blank-check route have found green­er pas­tures in re­cent months, with two of them an­nounc­ing large fi­nanc­ings this week.

This is amid a sec­ond biotech SPAC from Bi­hua Chen, founder of Cor­morant As­set Man­age­ment. Known as He­lix Ac­qui­si­tion Corp. II $HLXB, the SPAC closed a $184 mil­lion ini­tial pub­lic of­fer­ing on Wednes­day. It will hunt for a biotech or oth­er health­care busi­ness to com­bine with af­ter He­lix I found suc­cess with Moon­Lake Im­munother­a­peu­tics.

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