Nuvation Bio completes business combination with Panacea Acquisition
11 February 2021 -

Nuvation Bio Inc, a biopharmaceutical company, has completed its business combination with Panacea Acquisition Corp. (NYSE: PANA), a special purpose acquisition company sponsored by EcoR1 Capital, it was reported on Wednesday.

The resulting integrated company is to start trading its shares on the New York Stock Exchange under the ticker symbol 'NUVB' on 11 February 2021. Panacea's shareholders approved the business combination on 9 February 2021 and it was earlier approved by Nuvation Bio shareholders.

Nuvation Bio's management team will head the combined company, with founder David Hung, MD to be named chief executive officer.

Nuvation Bio will have a total cash position of around USD830m after transaction costs, including around USD646m held in Panacea's trust account and received in concurrent private financings headed by EcoR1 Capital, and 683 Capital, Ally Bridge Group, Avidity Partners, Deerfield Management Company, Irving Investors, Monashee Investment Management LLC, OrbiMed, Wellington Management and other present Nuvation Bio shareholders including The Baupost Group, Boxer Capital of the Tavistock Group, Fidelity Management & Research Company LLC, Omega Funds, Perceptive Advisors, Redmile Group and Surveyor Capital (a Citadel Company).

'We are dedicated to finding new treatments for patients with the most difficult-to-treat cancers, and our strategy, together with the capital raised from the successful completion of this transaction, positions us well to continue advancing our deep pipeline of novel and mechanistically distinct oncology therapeutic product candidates,' said Dr Hung.