Panacea Acquisition, a blank check company formed by EcoR1 Capital targeting the biotech industry, filed on Friday with the SEC to raise up to $125 million in an initial public offering. The company plans to raise an additional $25 million through a forward purchase agreement with EcoR1.
The San Francisco, CA-based company plans to raise $125 million by offering 12.5 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At $10, Panacea Acquisition would command a market value of $161 million.
The company is led by CEO and Chairman Oleg Nodelman, the founder and Portfolio Manager of biotech-focused investment firm EcoR1 Capital. The company's other officers all hold roles at EcoR1.
The San Francisco, CA-based company was founded in 2020 and plans to list on the NYSE under the symbol PANA.U. Panacea Acquisition filed confidentially on May 15, 2020. Cowen is the sole bookrunner on the deal.
