The offering, priced at a 0.75% interest rate, provides the company with approximately $241.2 million in estimated net proceeds. Nuvation Bio has granted underwriters a 30-day option to purchase an additional $37.5 million in notes to cover potential over-allotments. The deal is expected to close on June 30, 2026, subject to standard closing conditions.
In section Releases
Nuvation Bio Upsizes Convertible Note Offering to $250 Million
Nuvation Bio has increased its underwritten offering of convertible senior notes to $250 million, up from an initial target of $200 million. The oncology-focused firm intends to use the capital to retire existing debt and fund general corporate operations, with the notes set to mature in July 2032.
Management plans to allocate the funds primarily toward the full repayment of a senior secured loan agreement and the cost of capped call transactions. These derivative arrangements are designed to mitigate potential dilution of the company's Class A common stock should the notes be converted. The initial conversion price is set at approximately $7.84 per share, representing a 35% premium over the company's closing price on June 25, 2026.
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