Panacea Acquisition Corp. II (NasdaqCM:PANA) announced that it has entered into an agreement to issue a private placement of 500,000 shares at a price of $10 per share for gross proceeds $5,000,000 on April 6, 2021. The transaction will include participation from EcoR1 Panacea Holdings II, LLC.

The will issue 545,000 Class A ordinary shares at a price of $10 per share for $5,450,000, if the underwriters' over-allotment option is exercised in full. The shares are being purchased pursuant to an exemption from the registration requirements of the Securities Act.