Nov. 15 Quick Takes: Panacea to deploy $276M in pair of funds

Panacea Venture intends to deploy a total of $276 million from its Healthcare Fund II and Opportunity Fund I in sectors spanning biopharma, diagnostics, medical devices and healthcare IT. The firm, which has offices on both coasts of the U.S. and in China, has previously raised funds in both U.S. dollars and renminbi, and is led by Kleiner Perkins and Vivo Ventures veteran James Huang. Panacea’s portfolio includes Inmagene Biopharmaceuticals Co. Ltd., Evox Therapeutics Ltd., HanchorBio Inc. and GT Apeiron Therapeutics

In order to raise $94.4 million in its IPO, precision oncology company Acrivon Therapeutics Inc. (NASDAQ:ACRV) priced an upsized number of shares below its proposed range. The company sold almost 7.6 million shares at $12.50, giving it a valuation of $255.7 million; it had hoped to sell 5.9 million at $16-$18 for a valuation of at least $300 million. Existing shareholder Chione Ltd. purchased another $5 million in equity at the IPO price in a separate private placement. The company’s small molecule inhibitor of Chk1/Chk2, to which it obtained rights under a deal with Eli Lilly and Co. (NYSE:LLY), is in Phase II testing to treat solid tumors. The deal’s final underwriters are Jefferies, Cowen and Piper Sandler; earlier prospectuses named Morgan Stanley as an underwriter. Acrivon traded between $13 and $15 for most of Tuesday’s session before rising sharply to close at $16.64, up 33%...