Nuvation Bio falls on upsized $250 mln convertible bond offering

Nuvation Bio

26/06/2026 13:01

** Cancer treatment firm Nuvation Bio's NUVB.N shares down 2.8% premarket on Fri to $5.65 after raising more capital than targeted 
** NUVB late Thurs announced pricing public offering of $250 mln 0.75% convertible bonds due July 1, 2032
** Initial conversion price of $7.84 is 35% above stock's last sale of $5.81
** NUVB shares finished down ~10% on Thurs after co launched $200 mln offering to repay loan agreement, and for general purposes, including working capital, opex and capex
** Co also expects to use some proceeds to pay cost of capped call transactions; initial cap price set at $10.46, an 80% premium to last close
** Jefferies, Citigroup and Cantor Fitzgerald joint bookrunners for the offering, joined by RBC
** Through Thurs, stock down 35% YTD
** 10 of 11 analysts rate the stock "strong buy" or "buy", 1 "hold"; median PT $12, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))