Deal Snapshot
Nuvation Bio, Panacea Combine to Strengthen Oncology Drug Development
Friday 23 October 2020

US-based oncology focussed biopharmaceutical company Nuvation Bio Inc. has agreed to combine with blank check company Panacea acquisition Corp. (NYSE: PANA), to strengthen oncology drug development, the company said.

Upon closing of the transaction, Panacea will be renamed Nuvation Bio Inc. Its common stock is expected to remain listed on the New York Stock Exchange under the new ticker symbol NUVB. In addition to the approximately USD 144m held in Panacea's trust, a group of premier healthcare investors has committed to participate in concurrent equity financings totaling slightly more than USD 500m at USD 10 per share.

Date Published: 23/10/2020