BridgeBio Oncology Therapeutics has announced a merger with Helix Acquisition Corp. II, a special purpose acquisition company (SPAC), which is set to raise over $450 million. This significant funding will bolster the company’s efforts to advance clinical testing for three innovative drug candidates targeting a previously elusive group of cancer targets.

Set to be listed on the Nasdaq under the stock symbol “BBOT” upon completion of the merger, BridgeBio Oncology spun out of BridgeBio Pharma just last year. With an initial backing of $200 million from Cormorant Asset Management, the biotech firm seeks to transform therapies that target RAS proteins—key players in cell growth regulation that, when mutated, can drive cancer progression. Noteworthy FDA-approved treatments like Amgen’s Lumakras and Bristol Myers Squibb’s Krazati focus specifically on the KRAS G12C mutation, which is predominant in certain colorectal and non-small cell lung cancers. These small molecule drugs effectively target the KRAS G12C protein in its inactive state, preventing cancer cell proliferation.

BridgeBio’s approach, however, is more ambitious; it aims to develop BBO-8520, a drug that can target both the “on” and “off” states of KRAS G12C. The Phase 1 clinical trial for BBO-8520 in non-small cell lung cancer patients is already underway, with preliminary results anticipated in the latter half of 2025. This approach marks a significant departure from existing therapies and underscores BridgeBio’s commitment to enhancing therapeutic efficacy against resistant cancer types.

The company’s pipeline includes additional promising candidates: BBO-10203 is designed to inhibit the interaction between RAS and PI3K alpha, an enzyme family integral to cellular proliferation. While existing PI3K alpha inhibitors are available, BridgeBio emphasizes the development of a drug with an improved safety profile. Current evaluation of BBO-10203, in a Phase 1 study for advanced cases of breast, colorectal, and non-small cell lung cancers, aims to ensure both efficacy and safety—a crucial balance in cancer therapeutics.

A third candidate, BBO-11818, represents a pan-KRAS inhibitor, targeting multiple KRAS mutations simultaneously. By addressing variants such as KRAS G12D and KRAS G12V, this drug could pave the way for new treatment opportunities, with the first patient expected to be dosed in early 2024.

In an investor presentation, Helix highlighted the vast potential of targeting a range of KRAS-driven cancers, suggesting enhanced viability for drug combinations and treatment options across various cancer stages. As approximately 250,000 patients in the U.S. are diagnosed annually with related cancers—spanning breast, lung, colorectal, and pancreatic malignancies—the market opportunity is substantial.

Bihua Chen, CEO of Cormorant and Helix, expressed great optimism regarding BridgeBio’s pipeline, stating it holds significant potential to revolutionize treatment strategies for highly prevalent cancers. As clinical trials advance, the focus remains not only on innovations in drug development but also on improving patient outcomes.

However, BridgeBio Oncology will face stiff competition from other developers of next-generation KRAS inhibitors. Companies like Revolution Medicines and Astellas Pharma are also racing to innovate within this critical area of oncology, with drugs targeting different mutations and mechanisms.

As it stands, BridgeBio is entering the merger with approximately $100 million in cash combined with Helix’s $196 million, with an additional $260 million expected from institutional investors committed to purchasing shares. This financial foundation is projected to support the newly formed entity through to 2027, providing ample time to drive its pipeline toward meaningful patient impact.

With both boards having approved the merger agreement, anticipation builds for its expected completion in the third quarter of this year, pending shareholder approvals. As the landscape of cancer therapeutics evolves, BridgeBio Oncology Therapeutics stands at the forefront, keen to deliver impactful solutions for patients battling some of the most challenging malignancies.