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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