Nuvation Bio Upsizes Convertible Note Offering to $250 Million

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.

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.