EcoR1 Capital-backed Panacea Acquisition, a special purpose acquisition company, completed the merger with Nuvation Bio, a biopharmaceutical company, in an $850m deal. "Our goal is to develop new generations of oncology medicines that will meaningfully improve patient lives by addressing drug resistance or limited efficacy of current therapies, while reducing side effects and preserving quality of life for cancer patients. The large financing that we will secure with this SPAC merger provides us with the capital we need to advance that goal," David Hung, Nuvation Bio Founder and CEO.