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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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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.

Finance Watch: Investors Launch New SPACs After Initial Deals

EcoR1 and Casdin/Corvex took their second and third special purpose acquisition corporations public. Also, Ionis sold notes to buy back older notes and fund operations as it cut 70% of Akcea’s staff. In venture capital, ValenzaBio raised $70m and RA boosted Metagenomi’s series A to $75m.

Finance Watch: Venture Capital Drives Record-Breaking Year For Cell And Gene Therapies

Private Company Edition: Recent VC financings across biopharma sectors include three major mega-rounds as Generate Biomedicines bringing in $370m, followed by $250m for Acelyrin and $125m for Chroma Medicine. Also, Treadwell raised a $91m series B and Ncardia brought in $60m-plus.

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