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With $850m, Nuvation Aims To Speed Novel Cancer Drugs To Patients

As With Medivation, David Hung Takes New Venture Public In SPAC Merger

Executive Summary

Nuvation started in 2018 and raised a $275m series A round in 2019. Now it is merging with the EcoR1 Capital-sponsored SPAC Panacea Acquisition Corp. and raising $500m in equity capital.

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Finance Watch: Public Market Opens Up Enough To Let An IPO Through

Public Company Edition: MAIA launches a $10m initial public offering, the first in the US since May, but NewAmsterdam opts for the SPAC route to the stock market. Also, Legend raises $350m in a follow-on offering, Iveric obtains access to $250m in debt and Otonomy cuts costs after a Phase II failure.

Finance Watch: Two Years Later, $212m More Cash For Omega’s New Life Science Fund

Private Company Edition: Omega Funds closed its seventh venture capital fund, far exceeding its $500m goal. Also, Anaveon raised a CHF110m ($119.8m) series B round, Ambys brought its series A total to $107m with $47m in additional investment and Mythic launched with a $103m series B round.

Move Over Roivant, Nuvation: EQRx Reveals Biggest Biopharma SPAC Merger This Year

EQRx has raised at least $750m since it launched in January 2020 and will have $2bn to fund its ongoing development of low-cost drugs after merging with a special purpose acquisition corporation.

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