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Panacea Acquisition Corp. II announced its initial public offering (IPO) pricing of 15,000,000 Class A ordinary shares at $10.00 each, aiming to raise $150 million. Sponsored by EcoR1 Panacea Holdings II, LLC, the IPO is focused on the biotechnology sector within North America and Europe. Shares will be listed on Nasdaq under the ticker symbol “PANA” beginning April 7, 2021. The underwriters have an option for an additional 2,250,000 shares for over-allotments. The offering is subject to various conditions as detailed in the SEC's registration statement.
Nuvation Bio Inc., a biopharmaceutical company focused on oncology, has successfully completed its business combination with Panacea Acquisition Corp. (NYSE: PANA), which was approved by shareholders on February 9, 2021. The merged entity will trade under the symbol 'NUVB' starting February 11, 2021, and will possess approximately $830 million in cash post-transaction. The company is advancing six oncology product candidates, including a lead compound, NUV-422, aimed at treating high-grade gliomas. Nuvation Bio plans to submit multiple Investigational New Drug applications by 2026.
Panacea Acquisition Corp. (NYSE: PANA.U, PANA, PANA WS) announced that its Form S-4 registration statement for the business combination with Nuvation Bio Inc. has been declared effective by the SEC. The definitive proxy statement/prospectus has begun mailing to shareholders ahead of the Special Meeting on February 9, 2021. Stockholders must exercise redemption rights by February 5, 2021. This transaction is subject to various risks, including potential failures in clinical trials and regulatory approvals that could impact the expected benefits of the business combination.
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