Panacea Acquisition II, the second blank check company formed by EcoR1 Capital targeting the biotech industry, raised $150 million by offering 15 million shares at $10. The company did not offer units with warrants attached. It may raise an additional $25 million at the closing of an acquisition pursuant to a forward purchase agreement with EcoR1 Capital.
The SPAC is led by CEO and Chairman Oleg Nodelman, the founder and Portfolio Manager of San Francisco-based biotech venture firm EcoR1 Capital. The SPAC's other officers all hold roles at EcoR1. Panacea Acquisition II plans to target the biotechnology sector in North America or Europe.
The firm's previous SPAC, Panacea Acquisition, went public in June 2020 and completed its acquisition of oncology biotech Nuvation Bio (NUVB; +4% from $10 offer price) this past February.
Panacea Acquisition II plans to list on the Nasdaq under the symbol PANA. Cowen acted as a lead manager on the deal.
