Bihua Chen, Cormorant founder and CEO (Alex Flynn/Bloomberg via Getty Images)

Cor­moran­t's Bi­hua Chen joins the SPAC game, look­ing to raise $100M for a com­pa­ny that match­es 5 key cri­te­ria

An­oth­er day, an­oth­er life sci­ences SPAC.

The last two days alone have al­ready seen Brent Saun­ders price his $400 mil­lion LLC and Carl Ic­ahn pro­tégé Alex Den­ner file for his $175 mil­lion raise. Now, Bi­hua Chen and the rest of the crossover in­vestors over at Cor­morant As­set Man­age­ment are look­ing to raise $100 mil­lion for a spe­cial­ty pur­pose ac­qui­si­tion com­pa­ny called He­lix Ac­qui­si­tion.

With their raise, Cor­morant is fol­low­ing a bunch of oth­er late-stage life sci­ence in­vestors who in just the last few months have turned a “here be drag­ons” area for biotech in­to well-chart­ed ter­ri­to­ry. As re­tail in­vestors have poured cash in­to vir­tu­al­ly any ma­jor biotech — and some mi­nor ones — that’s filed for an S-1 dur­ing the pan­dem­ic, es­tab­lished firms have been able to raise sig­nif­i­cant cap­i­tal on the promise of be­ing able to even­tu­al­ly pick which pri­vate com­pa­ny is worth tak­ing pub­lic.

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