Panacea Acquisition Corporation (PANA) Shareholders Approve Nuvation Bio Deal

Panacea Acquisition Corporation (NYSE:PANA) announced that its shareholders have approved its combination with drug developer Nuvation Bio at a special meeting earlier today.

No redemption information was given. The vote results were ~94% in favor of the combination with ~6% voting against the merger, with 500 shares abstaining.

Panacea expects the deal to close February 10, 2021. The combined entity will begin publicly trading on the New York Stock Exchange under the new symbols “NUVB” and “NUVBW”, respectively, on February 11, 2021.

Panacea initially announced its $1.3 billion combination with Nuvation Bio on October 21. New York-based Nuvation Bio is developing six novel treatments for a variety of cancer types.

ADVISORS

• Jefferies is acting as lead capital markets and financial advisor to Nuvation Bio.
• BMO Capital Markets, BTIG, RBC Capital Markets and Wedbush PacGrow are also acting as advisors to Nuvation Bio.
• Cooley is acting as legal counsel to Nuvation Bio.
• Cowen is acting as financial advisor to Panacea and private placement agent.
• Skadden Arps Slate Meagher & Flom is acting as legal counsel to Panacea.