BioCentury
ARTICLE | Deals

With roots in Medivation, Nuvation finds quick route to listing via year’s largest SPAC deal

Cancer company gaining $644M through deal with EcoR1’s Panacea, PIPE

October 21, 2020 11:26 PM UTC

The team that backed Medivation is returning to the U.S. public markets as Nuvation with a fresh injection of $644 million through a reverse merger with EcoR1’s SPAC Panacea and a PIPE backed by 16 investors.

On Wednesday, Nuvation Bio Inc. said it is merging with blank check company Panacea Acquisition Corp. (NYSE:PANA) in a deal that should leave the targeted cancer with more than $850 million in cash at deal close, assuming no SPAC redemptions. The funds include the $144 million Panacea raised in its IPO in July, plus a proposed private investment in public equity of a little more than $500 million, including $50 million from lead investor EcoR1 Capital. ...