Panacea Acquisition Corp. (PANA.U) Prices $125M SPAC IPO


Panacea Acquisition Corp. (PANA.U) Prices $125M SPAC IPO

Jun 30, 2020 INTEL by Kristi Marvin

Panacea Acquisition Corp. (PANA.U), announced the pricing of their $125 million SPAC IPO this evening and the units are expected to begin trading tomorrow, Wednesday, July 1st, under the symbol NYSE: PANA.U

Panacea Acquisition Corp. intends to focus on companies within the biotechnology sector and will be led by Oleg Nodelman, who is the founder of EcoR1, a biotech-focused hedge fund, which is also Panacea’s sponsor.

Total SPAC deal count for 2020 year-to-date is now 37 with $11.9 billion in gross proceeds raised. The offering is anticipated to close on Monday, July 6, 2020.

Cowen and Company, LLC acted as sole book-running manager of the offering. Skadden, Arps, Slate, Meagher & Flom LLP, and Greenberg Traurig, LLP were issuer’s counsel and underwriter’s counsel, respectively. WithumSmith+Brown, PC acted as auditor.