Nuvation Bio’s Combination Agreement With Panacea

Cooley LLP advised Nuvation Bio on the deal.

The oncology-focused biopharmaceutical company Nuvation Bio announced its agreement to combine with Panacea, a special purpose acquisition company or SPAC, sponsored by EcoR1 Capital. Upon closing, which is expected in Q1 2021, Panacea will be renamed Nuvation Bio, and its common stock will be listed on the New York Stock Exchange under the new symbol “NUVB.”

In addition to the approximately $144 million held in Panacea’s trust, a group of healthcare investors has committed to participate in concurrent equity financings totaling slightly more than $500 million. As such, the combined company is expected to have cash resources of more than $850 million at closing. It will continue to operate under the Nuvation Bio executive team, led by Dr. David Hung, founder and chief executive officer of Nuvation Bio.

Nuvation Bio will use the proceeds of the transaction and concurrent equity financings, together with its existing cash resources, to advance into clinical development up to six compounds that have resulted from its drug discovery and development programs. Nuvation Bio anticipates submitting up to five additional investigational new drug applications by 2026.

Founded in 2018, Nuvation Bio is focused on revolutionizing cancer treatment by discovering, developing and delivering therapies that tackle some of the greatest needs in oncology. Nuvation Bio’s proprietary portfolio includes six novel and mechanistically distinct oncology therapeutic product candidates, each targeting some of the most difficult-to-treat types of cancer. The company has offices in New York and San Francisco.

The Cooley team was led by Kenneth Guernsey, Rama Padmanabhan (Picture) and John McKenna. It also included James Rosenthal, Melissa H. Boyd, Roger Bains, Matthew Silverman, Kim Tran, Ajay Athavale, Julia Brinton, Robert Bitman, Eileen Marshall, Peter Mandel, Tanisha James and Pia Kaur.

Involved fees earner: Ajay Athavale – Cooley LLP; Rajdeep Roger Bains – Cooley LLP; Robert Bitman – Cooley LLP; Melissa Boyd – Cooley LLP; Julia Brinton – Cooley LLP; Kenneth Guernsey – Cooley LLP; Tanisha James – Cooley LLP; Pia Kaur – Cooley LLP; Peter Mandel – Cooley LLP; Eileen Marshall – Cooley LLP; John McKenna – Cooley LLP; Rama Padmanabhan – Cooley LLP; James Rosenthal – Cooley LLP; Matthew Silverman – Cooley LLP; Kim Tran – Cooley LLP;

Law Firms: Cooley LLP;

Clients: Nuvation Bio;

Author: Ambrogio Visconti