Nuvation Bio secures up to $250M in debt and royalty financing for taletrectinib

Nuvation Bio Inc.

$100M loan with Sagard; initial $50M tranche upon FDA approval of taletrectinib by Sep 30, 2025; second $50M upon first US commercial sale by Jun 30, 2026
Loan matures Sep 30, 2030, interest SOFR (4% floor) + 6% quarterly; prepayment premiums; $25M minimum cash covenant
$150M revenue interest financing; tiered royalties: 5.5% on US net sales up to $600M, 3.0% on $600M-$1B, none above $1B
Royalty obligation ends at 1.6x-2.0x investment amount; true-up if not repaid by Feb 1, 2043
Company can buy out royalty at 140%-200% of investment amount less payments made; investor can put upon certain events

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