One year following its establishment, Moonlake Immunotherapeutics AG is merging with Helix Acquisition corp., a special purpose acquisition company (SPAC), to create a publicly listed biotech company. The latter will be listed on Nasdaq to raise $230 million, including funds held in Helix Acquisition Corp’s trust account and commitments from leading institutional investors.
Founded in 2021, MoonLake Immunotherapeutics is a clinical-stage biotechnology company developing a pipeline of next-level Nanobody® treatments to address significant unmet needs in inflammatory skin and joint diseases. Its lead candidate, sonelokimab, is a tri-specific Nanobody that has clinically demonstrated potential to drive therapeutic solutions for dermatology and rheumatology patients.
Moonlake and Helix Acquisition Corp. (Nasdaq: HLXA), a special purpose acquisition company (SPAC) sponsored by Cormorant Asset Management, have entered into a definitive business combination agreement to advance the clinical development of sonelokimab. Building on the positive results of the phase 2b trials in psoriasis patients, MoonLake plans to initiate additional Phase 2 studies targeting other IL-17A/F driven indications.
Upon closing the envisaged merger, MoonLake will be renamed “MoonLake Immunotherapeutics” and led by an international team of immunology experts. It will also have access to approximately $230 million in cash – this includes approximately $115 million held in Helix Acquisition Corp.’s trust (assuming no redemptions) and commitments for a $115 million PIPE at $10.00 per share from a group including premier institutional and strategic investors.
The PIPE, led by Cormorant Asset Management, includes BVF Partners L.P., 683 Capital Partners, LP, Asymmetry Capital Management, LP, funds managed by Ghost Tree Capital Group, LP, Monashee Investment Management, LLC, RTW Investments, LP, Surveyor Capital (a Citadel company), TCG X and funds managed by Tekla Capital Management LLC.
MoonLake (as a combined entity) plans to list its common stock on Nasdaq under the ticker symbol MLTX. The company is expected to have an implied pro forma equity value of approximately $620 million at closing.
The boards of directors of both MoonLake and Helix have approved the proposed transaction, which is expected to be completed late in the fourth quarter of 2021 or early in the first quarter of 2022.
(Press release)
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