Nuvation Bio Raises $287.5M via 0.75% Convertible Notes, Executes $37.5M Greenshoe
NUVB•Nuvation Bio has raised $287.5 million in a 0.75% convertible senior notes due 2032 by fully exercising a $37.5 million greenshoe option. Additional capped call transactions at a $10.458 cap price cost approximately $2.2 million, leaving about $277.6 million in net proceeds for general corporate purposes and working capital.
1. Offering Details
Nuvation Bio completed a public offering of 0.75% convertible senior notes due 2032, selling $250 million initial principal and an additional $37.5 million through full exercise of the underwriters’ greenshoe option, for an aggregate $287.5 million principal amount.
2. Capped Call Transactions
On July 1, Nuvation Bio entered into capped call transactions with a cap price of $10.4580—an 80% premium to the June 25 closing price of its common stock—incurring approximately $2.2 million of related costs.
3. Net Proceeds and Uses
The offering is expected to generate roughly $277.6 million in net proceeds after underwriting discounts and expenses, which will fund general corporate purposes including working capital, operating expenses, capital expenditures and administrative costs.
