SC 13G

NAME OF REPORTING PERSON

EcoR1 Panacea Holdings, LLC

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ☐ (b) ☐

SEC USE ONLY

CITIZENSHIP OR PLACE OF ORGANIZATION

United States

SC 13G 1 d110339dsc13g.htm SC 13G SC 13G

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

(Amendment No. __)*

Under the Securities Exchange Act of 1934

Panacea Acquisition Corp.

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Titles of Class of Securities)

698102100

(CUSIP Number)

December 31, 2020

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)

☐ Rule 13d-1(c)

☒ Rule 13d-1(d)

*	The remainder of this cover page shall be filled out of a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 698102100

(1)

Includes 2,775,000 shares of Class A common stock of Panacea Acquisition Corp. (the “Company”), par value $0.0001 per share (“Class A Common Stock”) issuable upon conversion of 2,775,000 shares of Class B common stock of the Company, par value $0.0001 per share (“Class B Common Stock”). The Class B Common Stock will automatically convert into Class A Common Stock at the time of the Company’s initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment. EcoR1 Panacea Holdings, LLC (“Sponsor”) is the record holder of the shares reported herein. EcoR1 Capital Fund, L.P., EcoR1 Capital Fund Qualified, L.P. and EcoR1 Venture Opportunity Fund, L.P. are the Members of the Sponsor. EcoR1 Capital, LLC is the general partner of EcoR1 Capital Fund, L.P. and EcoR1 Capital Fund Qualified, L.P., and the investment adviser to EcoR1 Venture Opportunity Fund, L.P. Biotech Opportunity GP, LLC is the general partner of EcoR1 Venture Opportunity Fund, L.P. Oleg Nodelman is the control person of EcoR1 Capital, LLC and Biotech Opportunity GP, LLC. As such, Mr. Nodelman may be deemed to have beneficial ownership of the common stock held directly by the Sponsor and the various funds.

(2)

The calculation assumes that there is a total of 18,456,250 shares of Class A Common Stock outstanding, which is the sum of (i) the 14,862,500 shares of Class A Common Stock outstanding as of December 31, 2020, as reported on the Form 424B3 filed by the Company on January 20, 2021 (the “Report”), and (ii) the 3,593,750 shares of Class A Common Stock issuable upon conversion of the shares of Class B Common Stock reported in the Report.

CUSIP No. 698102100

(1)

Includes 2,775,000 shares of Class A Common Stock issuable upon conversion of 2,775,000 shares of Class B Common Stock. The Class B Common Stock will automatically convert into Class A Common Stock at the time of the Company’s initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment. Sponsor is the record holder of the shares reported herein. EcoR1 Capital Fund, L.P., EcoR1 Capital Fund Qualified, L.P. and EcoR1 Venture Opportunity Fund, L.P. are the Members of the Sponsor. EcoR1 Capital, LLC is the general partner of EcoR1 Capital Fund, L.P. and EcoR1 Capital Fund Qualified, L.P., and the investment adviser to EcoR1 Venture Opportunity Fund, L.P. Biotech Opportunity GP, LLC is the general partner of EcoR1 Venture Opportunity Fund, L.P. Oleg Nodelman is the control person of EcoR1 Capital, LLC and Biotech Opportunity GP, LLC. As such, Mr. Nodelman may be deemed to have beneficial ownership of the common stock held directly by the Sponsor and the various funds.

(2)

The calculation assumes that there is a total of 18,456,250 shares of Class A Common Stock outstanding, which is the sum of (i) the 14,862,500 shares of Class A Common Stock outstanding as of December 31, 2020, as reported in the Report, and (ii) the 3,593,750 shares of Class A Common Stock issuable upon conversion of the shares of Class B Common Stock reported in the Report.

CUSIP No. 698102100

(1)

(2)

The calculation assumes that there is a total of 18,456,250 shares of Class A Common Stock outstanding, which is the sum of (i) the 14,862,500 shares of Class A Common Stock outstanding as of December 31, 2020, as reported in the Report, and (ii) the 3,593,750 shares of Class A Common Stock issuable upon conversion of the shares of Class B Common Stock reported in the Report.

CUSIP No. 698102100

(1)

(2)

The calculation assumes that there is a total of 18,456,250 shares of Class A Common Stock outstanding, which is the sum of (i) the 14,862,500 shares of Class A Common Stock outstanding as of December 31, 2020, as reported in the Report, and (ii) the 3,593,750 shares of Class A Common Stock issuable upon conversion of the shares of Class B Common Stock reported in the Report.

CUSIP No. 698102100

(1)

(2)

The calculation assumes that there is a total of 18,456,250 shares of Class A Common Stock outstanding, which is the sum of (i) the 14,862,500 shares of Class A Common Stock outstanding as of December 31, 2020, as reported in the Report, and (ii) the 3,593,750 shares of Class A Common Stock issuable upon conversion of the shares of Class B Common Stock reported in the Report.

CUSIP No. 698102100

(1)

(2)

The calculation assumes that there is a total of 18,456,250 shares of Class A Common Stock outstanding, which is the sum of (i) the 14,862,500 shares of Class A Common Stock outstanding as of December 31, 2020, as reported in the Report, and (ii) the 3,593,750 shares of Class A Common Stock issuable upon conversion of the shares of Class B Common Stock reported in the Report.

CUSIP No. 698102100

(1)

(2)

The calculation assumes that there is a total of 18,456,250 shares of Class A Common Stock outstanding, which is the sum of (i) the 14,862,500 shares of Class A Common Stock outstanding as of December 31, 2020, as reported in the Report, and (ii) the 3,593,750 shares of Class A Common Stock issuable upon conversion of the shares of Class B Common Stock reported in the Report.

CUSIP No. 698102100

Item 1(a).

Name of Issuer:

Panacea Acquisition Corp.

Item 1(b).

Address of Issuer’s Principal Executive Offices:

357 Tehama Street, Floor 3, San Francisco, CA 94103

Item 2(a).

Name of Person Filing:

This statement is being filed jointly pursuant to §240.13d-1(k)(1) on behalf of each of the following persons (collectively, the “Reporting Persons”):

EcoR1 Panacea Holdings, LLC

EcoR1 Capital Fund, L.P.

EcoR1 Capital Fund Qualified, L.P.

EcoR1 Venture Opportunity Fund, LP

EcoR1 Capital, LLC

Biotech Opportunity GP, LLC

Oleg Nodelman

Item 2(b).

Address of Principal Business Office or, if none, Residence:

The principal business address of each of the Reporting Persons is as follows:

357 Tehama Street, Floor 3, San Francisco, CA 94103

Item 2(c).

Citizenship:

See responses to Item 4 on each cover page.

Item 2(d).

Titles of Classes of Securities:

Class A Common Stock, par value $0.0001 per share

Item 2(e).

CUSIP Number:

The Class A Common Stock CUSIP Number is 698102100.

Item 3.

If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:


(a)	☐	Broker or dealer registered under Section 15 of the Exchange Act (15 U.S.C. 78o).

(b)	☐	Bank as defined in Section 3(a)(6) of the Exchange Act (15 U.S.C. 78c).

(c)	☐	Insurance company as defined in Section 3(a)(19) of the Exchange Act (15 U.S.C. 78c).

(d)	☐	Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e)	☐	Investment adviser in accordance with §240.13d-1(b)(1)(ii)(E).

(f)	☐	Employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F).

(g)	☐	Parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G).

CUSIP No. 698102100



(h)	☐	Savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813).

(i)	☐	Church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3).

(j)	☐	Non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J).

(k)	☐	Group in accordance with §240.13d-1(b)(1)(ii)(K).

If filing as a non-U.S. institution in accordance with §240. 13d-1(b)(1)(ii)(J), please specify the type of institution: ______________ .

Item 4.

Ownership

(a) Amount beneficially owned:

See responses to Item 9 on each cover page.

(b) Percent of class:

See responses to Item 11 on each cover page.

(i) Sole power to vote or to direct the vote:

See responses to Item 5 on each cover page.

(ii) Shared power to vote or to direct the vote:

See responses to Item 6 on each cover page.

(iii) Sole power to dispose or to direct the disposition of:

See responses to Item 7 on each cover page.

(iv) Shared power to dispose or to direct the disposition of:

See responses to Item 8 on each cover page.

Item 5.

Ownership of Five Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [_].

Item 6.

Ownership of More than Five Percent on Behalf of Another Person.

Not Applicable.

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company.

Not Applicable.

Item 8.

Identification and Classification of Members of the Group.

Not Applicable.

CUSIP No. 698102100

Item 9.

Notice of Dissolution of Group.

Not Applicable.

Item 10.

Certification.

Not Applicable.

CUSIP No. 698102100

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: February 8, 2021


EcoR1 Panacea Holdings, LLC

By:		/s/ Scott Perlen
		Scott Perlen, as attorney-in-fact

EcoR1 Capital Fund, L.P.

By:		/s/ Scott Perlen
		Scott Perlen, as attorney-in-fact

EcoR1 Capital Fund Qualified, L.P.

By:		/s/ Scott Perlen
		Scott Perlen, as attorney-in-fact

EcoR1 Venture Opportunity Fund, LP

By:		/s/ Scott Perlen
		Scott Perlen, as attorney-in-fact

EcoR1 Capital, LLC

By:		/s/ Scott Perlen
		Scott Perlen, as attorney-in-fact

Biotech Opportunity GP, LLC

By:		/s/ Scott Perlen
		Scott Perlen, as attorney-in-fact

Oleg Nodelman

By:		/s/ Scott Perlen
		Scott Perlen, as attorney-in-fact

CUSIP No. 698102100

Exhibit Index


Exhibit 1		Agreement of Joint Filing as required by Rule 13d-1(k)(1) under the Act.

Exhibit 2		Powers of Attorney