Goodwin Advises on Nuvation Bio’s $287.5 Million Registered Convertible Senior Notes Offering With Capped Call

Goodwin’s Capital Markets team represented the underwriters on Nuvation Bio’s registered public offering of its 0.75% convertible senior notes due 2032. The initial conversion price of the notes features a premium of approximately 35% over the reference price of $5.81 per share. In connection with the notes offering, Goodwin also advised certain investment bank dealers on Nuvation Bio’s capped call transactions. The capped calls mitigate equity dilution and/or offset payments due upon conversion of the notes and effectively raise the conversion price of the notes to approximately $10.46 per share, an 80% premium over the reference price.

Nuvation Bio Inc. (NYSE: NUVB) is a global oncology company focused on tackling some of the toughest challenges in cancer treatment with the goal of developing therapies that create a profound, positive impact on patients’ lives.

Goodwin’s product team consisted of Jim Barri, John Servidio, Kim De Glossop, and Benjamin Deitch. The corporate team consisted of Ben Marsh, Jon Burr, Austin Church, and Anderson Riddick. Dan Karelitz and Garrett Gaughan provided tax advice.

For more information, please see Nuvation Bio’s pricing press release for the offering and capped call transactions.