Exhibit 10.12


 


FORWARD
PURCHASE AGREEMENT


 


This
Forward Purchase Agreement (this “Agreement”) is entered into as of [●], 2020, by and among Panacea Acquisition
Corp., a Delaware corporation (the “Company”), EcoR1 Panacea Holdings, LLC, a Delaware limited liability company
(the “Adviser”), and each of the purchasers listed on signature pages hereto (each, a “Purchaser”
and, collectively, the “Purchasers”).


 


Recitals


 


WHEREAS,
the Company was incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more businesses (a “Business Combination”);


 


WHEREAS,
the Company has filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement
on Form S-1 (such registration statement, as may be amended from time to time, including to reflect changes in terms, the “Registration
Statement”) for its initial public offering (“IPO”) of 12,500,000 units (or 14,375,000 units in the
aggregate if the underwriters exercise their over-allotment in full) (the “Public Units”) at a price of $10.00
per Public Unit, each comprised of one share of Class A common stock of the Company, par value $0.0001 per share (the “Class
A Share(s)”), and one-third of one redeemable warrant, where each whole redeemable warrant is exercisable to purchase
one Class A Share at an exercise price of $11.50 per share, subject to adjustment (the “Warrant(s)”);


 


WHEREAS,
following the closing of the IPO (the “IPO Closing”), the Company will seek to identify and consummate a Business
Combination; and


 


WHEREAS,
the parties hereto wish to enter into this Agreement, pursuant to which substantially concurrently with the closing of the Company’s
initial Business Combination (the “Business Combination Closing”), the Company shall issue and sell, and the
Purchasers shall purchase, on a private placement basis, an aggregate of 2,500,000 Class A Shares (the “Forward Purchase
Shares”) and 833,333 redeemable warrants (the “Forward Purchase Warrants” and, collectively with
the Forward Purchase Shares and the Class A Shares underlying the Forward Purchase Warrants, the “Forward Purchase Securities”);


 


NOW,
THEREFORE, in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement,
and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties
hereto agree as follows:


 


Agreement


 


1.
Sale and Purchase.


 


(a)
Forward Purchase Units.


 


(i)
The Company shall issue and sell to the Purchasers, severally and not jointly, and the Purchasers shall purchase from the Company,
at a price of $10.00 per one Forward Purchase Share and one-third of one Forward Purchase Warrant (a “Forward Purchase
Unit”), an aggregate of 2,500,000 Forward Purchase Units for an aggregate purchase price of $25,000,000 (the “FPU
Purchase Price”), with the allocation of the Forward Purchase Units among the Purchasers to be determined by the Adviser,
in its sole discretion (the “Adviser Allocation”). Each Forward Purchase Unit and its underlying securities
will have the same terms as the private placement units and their underlying securities to be issued under the Unit Subscription
Agreement substantially in the form attached as Exhibit 10.8 to the Registration Statement, in connection with the IPO.
Each Forward Purchase Warrant will be subject to the terms and conditions of the Warrant Agreement to be entered into between
the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, in connection with the IPO.


 






     


     


    

 


(ii)
The Company shall require the Purchasers to purchase the Forward Purchase Units pursuant to Section 1(a)(i) hereof by delivering
notice (the “Company Notice”) to the Adviser and the Purchasers, at least five (5) Business Days before the
funding of the FPU Purchase Price to an account specified by the Company, specifying the anticipated date of the Business Combination
Closing and instructions for wiring the FPU Purchase Price to an account designated by the Company. At least two (2) Business
Days before the anticipated date of the Business Combination Closing specified in such Company Notice, [(i) the Adviser shall
deliver notice of the Adviser Allocation (the “Adviser Allocation Notice”) to the Company and the Purchasers
and (ii)] each Purchaser shall deliver its respective portion of the FPU Purchase Price in cash via wire transfer to the account
specified in such Company Notice, to be held in escrow pending the FPU Closing (as defined below). If the FPU Closing does not
occur within thirty (30) days after the Purchasers deliver the FPU Purchase Price to such account, the Company shall, upon request
of the Adviser, return to the Purchasers the FPU Purchase Price, provided that the return of the FPU Purchase Price placed in
escrow shall not terminate this Agreement or otherwise relieve either party of any of its obligations hereunder and the Company
may provide a subsequent Company Notice pursuant to this Section 1(a)(ii). For the purposes of this Agreement, “Business
Day” means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions
are generally authorized or required by law or regulation to close in the City of New York, New York.


 


(iii)
The closing of the sale of the Forward Purchase Units (the “FPU Closing”) shall be held on the same date and
substantially concurrently with the Business Combination Closing (such date being referred to as the “FPU Closing Date”).
At the FPU Closing, the Company will issue to each Purchaser the number of Forward Purchase Shares and Forward Purchase Warrants
included in the Forward Purchase Units set forth in the Adviser Allocation Notice, each registered in the name of the respective
Purchaser.


 


(b)
Delivery of Forward Purchase Units.


 


(i)
The Company shall register each Purchaser as the owner of the number of Forward Purchase Shares and Forward Purchase Warrants
included in the Forward Purchase Units set forth in the Adviser Allocation Notice with the Company’s transfer agent by book
entry on or promptly after (but in no event more than two (2) Business Days after) the FPU Closing Date.


 






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(ii)
Each book entry for the Forward Purchase Securities shall contain a notation, and each certificate (if any) evidencing the Forward
Purchase Securities shall be stamped or otherwise imprinted with a legend, in substantially the following form:


 


“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS.”


 


(c)
Registration Rights. The Purchasers shall
have registration rights as set forth in the Registration Rights Agreement substantially in the form attached as Exhibit 10.5
of the Registration Statement (the “Registration Rights Agreement”).


 


2.
Representations and Warranties of the Purchasers. Each Purchaser represents and warrants, severally and not jointly, to the
Company as follows, as of the date hereof:


 


(a)
Organization and Power. The Purchaser is duly formed and validly existing and in good standing in its jurisdiction of incorporation
or organization and has all requisite power and authority to carry on its business as presently conducted and as proposed to be
conducted.


 


(b)
Authorization. The Purchaser has full power and authority to enter into this Agreement. This Agreement, when executed and
delivered by the Purchaser, will constitute the valid and legally binding obligation of the Purchaser, enforceable against the
Purchaser in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally, (b)
as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies, or (c)
to the extent the indemnification provisions contained in the Registration Rights Agreement may be limited by applicable federal
or state securities laws.


 


(c)
Governmental Consents and Filings. No consent, approval, order or authorization of, or registration, qualification, designation,
declaration or filing with, any federal, state or local governmental authority is required on the part of the Purchaser in connection
with the consummation of the transactions contemplated by this Agreement.


 


(d)
Compliance with Other Instruments. The execution, delivery and performance by the Purchaser of this Agreement and the consummation
by the Purchaser of the transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions
of its organizational documents, (ii) of any instrument, judgment, order, writ or decree to which it is a party or by which it
is bound, (iii) under any note, indenture or mortgage to which it is a party or by which it is bound, (iv) under any lease, agreement,
contract or purchase order to which it is a party or by which it is bound or (v) of any provision of federal or state statute,
rule or regulation applicable to the Purchaser, in each case (other than clause (i)), which would have a material adverse effect
on the Purchaser or its ability to consummate the transactions contemplated by this Agreement.


 






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(e)
Purchase Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon the Purchaser’s representation
to the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Forward Purchase
Securities to be acquired by the Purchaser will be acquired for investment for the Purchaser’s own account, not as a nominee
or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention
of selling, granting any participation in, or otherwise distributing the same in violation of law. By executing this Agreement,
the Purchaser further represents that the Purchaser does not presently have any contract, undertaking, agreement or arrangement
with any Person to sell, transfer or grant participations to such Person or to any third Person, with respect to any of the Forward
Purchase Securities. For purposes of this Agreement, “Person” means an individual, a limited liability company, a
partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity or any government or any
department or agency thereof.


 


(f)
Disclosure of Information. The Purchaser has had an opportunity to discuss the Company’s business, management, financial
affairs and the terms and conditions of the offering of the Forward Purchase Units, as well as the terms of the Company’s
proposed IPO, with the Company’s management.


 


(g)
Restricted Securities. The Purchaser understands that the offer and sale of the Forward Purchase Units have not been registered
under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act that depends
upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser’s representations
as expressed herein. The Purchaser understands that the Forward Purchase Securities are “restricted securities” under
applicable U.S. federal and state securities laws and that, pursuant to these laws, the Purchaser must hold the Forward Purchase
Securities indefinitely unless they are registered with the SEC and qualified by state authorities, or an exemption from such
registration and qualification requirements is available. The Purchaser acknowledges that the Company has no obligation to register
or qualify the Forward Purchase Securities for resale, except pursuant to the Registration Rights Agreement. The Purchaser further
acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements
including, but not limited to, the time and manner of sale, the holding period for the Forward Purchase Securities, and on requirements
relating to the Company that are outside of the Purchaser’s control, and which the Company is under no obligation and may
not be able to satisfy. The Purchaser understands that the offering to the Purchaser of the Forward Purchase Securities is not,
and is not intended to be, part of the IPO, and that the Purchaser will not be able to rely on the protection of Section 11 or
Section 12 of the Securities Act with respect to the Forward Purchase Securities.


 


(h)
No Public Market. The Purchaser understands that no public market now exists for the Forward Purchase Securities, and that
the Company has made no assurances that a public market will ever exist for the Forward Purchase Securities.


 


(i)
High Degree of Risk. The Purchaser understands that its agreement to purchase the Forward Purchase Units involves a high
degree of risk, which could cause the Purchaser to lose all or part of its investment.


 






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(j)
No General Solicitation. Neither the Purchaser, nor any of its officers, directors, employees, agents, stockholders or
partners, has either directly or indirectly, including, through a broker or finder (i) to its knowledge, engaged in any general
solicitation, or (ii) published any advertisement in connection with the offer and sale of the Forward Purchase Units.


 


(k)
Non-Public Information. The Purchaser acknowledges its obligations under applicable securities laws with respect to the
treatment of material non-public information relating to the Company.


 


(l)
Affiliation of Certain FINRA Members. The Purchaser is neither a person associated nor affiliated with Cowen and Company,
LLC or, to its actual knowledge, any other member of the Financial Industry Regulatory Authority (“FINRA”)
that is participating in the IPO.


 


(m)
No Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained
in this Section 2 and in any certificate or agreement delivered pursuant hereto, none of the Purchaser nor any person acting on
behalf of the Purchaser nor any of the Purchaser’s affiliates (the “Purchaser Parties”) has made, makes
or shall be deemed to make any other express or implied representation or warranty with respect to the Purchaser and this offering,
and the Purchaser Parties disclaim any such representation or warranty. Except for the specific representations and warranties
expressly made by the Company in Section 3 of this Agreement and in any certificate or agreement delivered pursuant hereto, the
Purchaser Parties specifically disclaim that they are relying upon any other representations or warranties that may have been
made by the Company.


 


3.
Representations and Warranties of the Company. The Company represents and warrants to the Purchasers as follows:


 


(a)
Incorporation and Corporate Power. The Company is duly incorporated and validly existing and in good standing as a corporation
under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as presently
conducted and as proposed to be conducted. The Company has no subsidiaries.


 


(b)
Capitalization. As of the date of this Agreement, the authorized share capital of the Company consists of:


 


(i)
75,000,000 Class A Shares, none of which are issued and outstanding.


 


(ii)
10,000,000 shares of Class B common stock of the Company, par value $0.0001 per share (“Class B Share(s)”),
3,593,750 of which are issued and outstanding (468,750 of which are subject to forfeiture to the extent that the underwriters’
over-allotment option in connection with the IPO is not exercised in full). All of the issued and outstanding Class B Shares have
been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable federal and state securities
laws.


 


(iii)
1,000,000 shares of undesignated preferred stock, none of which are issued and outstanding.


 






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(c)
Authorization; No Breach. The execution, delivery and performance of this Agreement and the Forward Purchase Units, including
the Forward Purchase Shares and the Forward Purchase Warrants included in the Forward Purchase Units, have been duly authorized
by the Company as of the FPU Closing Date. This Agreement constitutes the valid and binding obligation of the Company, enforceable
in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws
of general applicability relating to or affecting creditors’ rights and to general equitable principles (whether considered
in a proceeding in equity or law). Upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement
and this Agreement, the Forward Purchase Warrants will constitute valid and binding obligations of the Company, enforceable in
accordance with their terms as of the FPU Closing Date.


 


(i)
The execution and delivery by the Company of this Agreement and the Forward Purchase Units, the issuance and sale of the Forward
Purchase Units, the issuance of the Forward Purchase Warrants and the Forward Purchase Shares and the fulfillment of and compliance
with the respective terms hereof and thereof by the Company, do not and will not as of the FPU Closing Date (a) conflict with
or result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of
any lien, security interest, charge or encumbrance upon the Company’s share capital or assets under, (d) result in a violation
of, or (e) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with,
any court or administrative or governmental body or agency pursuant to the Company’s certificate of incorporation (the “Charter”)
and bylaws (the “Bylaws”) or any material law, statute, rule or regulation to which the Company is subject,
or any agreement, order, judgment or decree to which the Company is subject, except for any filings required after the date hereof
under federal or state securities laws.


 


(d)
Valid Issuance of Forward Purchase Units. Upon issuance in accordance with, and payment pursuant to, the terms hereof and
the Warrant Agreement, the Forward Purchase Shares and the shares issuable upon exercise of the Forward Purchase Warrants will
be duly and validly issued, fully paid and nonassessable. On the date of issuance of the Forward Purchase Units, the Forward Purchase
Warrants, the Forward Purchase Shares and the shares issuable upon exercise of the Forward Purchase Warrants shall have been reserved
for issuance. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Purchaser
will have good title to the Forward Purchase Units purchased by it, the Forward Purchase Warrants, the Forward Purchase Shares
and the shares issuable upon exercise of the Forward Purchase Warrants, free and clear of all liens, claims and encumbrances of
any kind, other than (i) transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions
under federal and state securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of the Purchaser.


 


(e)
Governmental Consents and Filings. Assuming the accuracy of the representations and warranties made by each Purchaser in
this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing
with, any federal, state or local governmental authority is required on the part of the Company in connection with the consummation
of the transactions contemplated by this Agreement, except for applicable requirements of the Securities Act.


 






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(f)
Compliance with Other Instruments. The execution, delivery and performance of this Agreement and the consummation of the
transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions of its Charter,
Bylaws or other governing documents, (ii) of any instrument, judgment, order, writ or decree to which it is a party or by which
it is bound, (iii) under any note, indenture or mortgage to which it is a party or by which it is bound, (iv) under any lease,
agreement, contract or purchase order to which it is a party or by which it is bound or (v) of any provision of federal or state
statute, rule or regulation applicable to the Company, in each case (other than clause (i)) which would have a material adverse
effect on the Company or its ability to consummate the transactions contemplated by this Agreement.


 


(g)
No General Solicitation. Neither the Company, nor any of its officers, directors, employees, agents or shareholders has
either directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation, or (ii) published
any advertisement in connection with the offer and sale of the Forward Purchase Units.


 


(h)
No Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained
in this Section 3 and in any certificate or agreement delivered pursuant hereto, the Company has not made and does not make nor
shall be deemed to make any other express or implied representation or warranty with respect to the Company, this offering, the
proposed IPO or a potential Business Combination, and the Company disclaims any such representation or warranty. Except for the
specific representations and warranties expressly made by the Purchasers in Section 2 of this Agreement and in any certificate
or agreement delivered pursuant hereto, the Company specifically disclaims that it is relying upon any other representations or
warranties that may have been made by the Purchaser Parties.


 


4.
Additional Agreements and Acknowledgements and Waivers of the Purchasers.


 


(a)
Trust Account.


 


(i)
Each Purchaser hereby acknowledges that it is aware that the Company will establish a trust account (the “Trust Account”)
for the benefit of its public stockholders upon the closing of the IPO. Each Purchaser, for itself and its affiliates, hereby
agrees that it has no right, title, interest or claim of any kind in or to any monies held in the Trust Account, or any other
asset of the Company as a result of any liquidation of the Company, except for redemption and liquidation rights, if any, such
Purchaser may have in respect of any Class A Shares held by it.


 


(ii)
Each Purchaser hereby agrees that it shall have no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future, except for redemption and liquidation rights, if any, such Purchaser may have in respect
of any Class A Shares held by it. In the event any Purchaser has any Claim against the Company under this Agreement, such Purchaser
shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the property or any
monies in the Trust Account, except for redemption and liquidation rights, if any, such Purchaser may have in respect of any Class
A Shares held by it.


 






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(b)
No Short Sales. Each Purchaser hereby agrees that neither it, nor any person or entity acting on its behalf or pursuant
to any understanding with it, will engage in any Short Sales with respect to securities of the Company prior to the Business Combination
Closing. For purposes of this Section, “Short Sales” shall include, without limitation, all “short sales”
as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act and all types of direct and indirect stock pledges
(other than pledges in the ordinary course of business as part of prime brokerage arrangements), forward sale contracts, options,
puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other transactions through non-U.S.
broker dealers or foreign regulated brokers.


 


5.
Additional Agreement of the Company.


 


(a)
NYSE Listing. The Company will use commercially reasonable best efforts to effect and maintain the listing of the Class
A Shares and the Warrants on the New York Stock Exchange (or another national securities exchange).


 


6.
FPU Closing Conditions.


 


(a)
The obligation of the Purchasers to purchase the Forward Purchase Units at the FPU Closing under this Agreement shall be subject
to the fulfillment, at or prior to the FPU Closing of each of the following conditions, any of which, to the extent permitted
by applicable laws, may be waived by the Purchasers:


 


(i)
the Business Combination shall be consummated substantially concurrently with the purchase of Forward Purchase Units;


 


(ii)
the representations and warranties of the Company set forth in Section 3 of this Agreement shall have been true and correct as
of the date hereof and shall be true and correct, in the case of the Company, as of the FPU Closing, as applicable, with the same
effect as though such representations and warranties had been made on and as of such date (other than any such representation
or warranty that is made by its terms as of a specified date, which shall be true and correct as of such specified date), except,
in the case of the Company, where the failure to be so true and correct would not have a material adverse effect on the Company
or its ability to consummate the transactions contemplated by this Agreement;


 


(iii)
the Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the FPU Closing; and


 


(iv)
no order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any governmental, regulatory,
or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition
shall be in effect, preventing the purchase by the Purchasers of the Forward Purchase Units.


 






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(b)
The obligation of the Company to sell the Forward Purchase Units at the FPU Closing under this Agreement shall be subject to the
fulfillment, at or prior to the FPU Closing of each of the following conditions, any of which, to the extent permitted by applicable
laws, may be waived by the Company:


 


(i)
the Business Combination shall be consummated substantially concurrently with the purchase of Forward Purchase Units;


 


(ii)
the representations and warranties of the Purchasers set forth in Section 2 of this Agreement shall have been true and correct
as of the date hereof and shall be true and correct as of the FPU Closing, as applicable, with the same effect as though such
representations and warranties had been made on and as of such date (other than any such representation or warranty that is made
by its terms as of a specified date, which shall be true and correct as of such specified date), except where the failure to be
so true and correct would not have a material adverse effect on the Purchasers or their ability to consummate the transactions
contemplated by this Agreement;


 


(iii)
the Purchasers shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Purchasers at or prior to the FPU Closing; and


 


(iv)
no order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any governmental, regulatory,
or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition
shall be in effect, preventing the purchase by the Purchasers of the Forward Purchase Units.


 


7.
Termination. This Agreement may be terminated at any time prior to the FPU Closing:


 


(a)
by mutual written consent of the Company and the Purchasers;


 


(b)
automatically


 


(i)
if the IPO is not consummated on or prior to December 31, 2020;


 


(ii)
if the Business Combination is not consummated within twenty-four (24) months from the closing of the IPO, unless extended upon
approval of the Company’s stockholders in accordance with the Charter; or


 


(iii)
if the Company becomes subject to any voluntary or involuntary petition under the United States federal bankruptcy laws or any
state insolvency law, in each case which is not withdrawn within sixty (60) days after being filed, or a receiver, fiscal agent
or similar officer is appointed by a court for business or property of the Company, in each case which is not removed, withdrawn
or terminated within sixty (60) days after such appointment.


 


In
the event of any termination of this Agreement pursuant to this Section 7, the FPU Purchase Price (and interest thereon, if any),
if previously paid, and each Purchaser’s funds paid in connection herewith shall be promptly returned to such Purchaser,
and thereafter this Agreement shall forthwith become null and void and have no effect, without any liability on the part of the
Purchasers or the Company and their respective directors, officers, employees, partners, managers, members, or stockholders and
all rights and obligations of each party shall cease; provided, however, that nothing contained in this Section
7 shall relieve any party from liabilities or damages arising out of any fraud or willful breach by such party of any of its representations,
warranties, covenants or agreements contained in this Agreement.


 






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8.
General Provisions.


 


(a)
Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be
deemed effectively given upon the earlier of actual receipt, and (a) personal delivery to the party to be notified, (b) when sent,
if sent by electronic mail or facsimile (if any) during normal business hours of the recipient, and if not sent during normal
business hours, then on the recipient’s next Business Day, (c) five (5) Business Days after having been sent by registered
or certified mail, return receipt requested, postage prepaid, or (d) one (1) Business Day after deposit with a nationally recognized
overnight courier, freight prepaid, specifying next Business Day delivery, with written verification of receipt. All communications
sent to the Company shall be sent to: Panacea Acquisition Corp., 357 Tehama Street, Floor 3, San Francisco, California, Attn:
[●], email: [●], with a copy to the Company’s counsel at: Skadden, Arps, Slate, Meagher & Flom LLP, 525 University
Ave., Palo Alto, CA 94301, Attn: Gregg Noel, Esq., and Michael Mies, Esq., email: Gregg.noel@skadden.com and Michael.mies@skadden.com,
respectively.


 


All
communications to the Purchasers shall be sent to the Purchasers’ address as set forth on the signature page hereof, or
to such e-mail address, facsimile number (if any) or address as subsequently modified by written notice given in accordance with
this Section 8(a).


 


(b)
Survival of Representations and Warranties. All of the representations and warranties contained herein shall survive the
FPU Closing.


 


(c)
Entire Agreement. This Agreement, together with any documents, instruments and writings that are delivered pursuant hereto
or referenced herein, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter
and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the
extent they relate in any way to the subject matter hereof or the transactions contemplated hereby.


 


(d)
Successors. All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are
binding upon, and inure to the benefit of and are enforceable by, the parties hereto and their respective successors. Nothing
in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective
successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly
provided in this Agreement.


 


(e)
Assignments. Except as otherwise specifically provided herein, no party hereto may assign either this Agreement or any
of its rights, interests, or obligations hereunder without the prior written approval of the Company and the Adviser.


 






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(f)
Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original but
all of which together will constitute one and the same instrument.


 


(g)
Headings. The section headings contained in this Agreement are inserted for convenience only and will not affect in any
way the meaning or interpretation of this Agreement.


 


(h)
Governing Law. This Agreement, the entire relationship of the parties hereto, and any dispute between the parties (whether
grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant
to the laws of the State of New York.


 


(i)
Jurisdiction. The parties hereto (i) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts
of New York and to the jurisdiction of the United States District Court for the Southern District of New York for the purpose
of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action
or other proceeding arising out of or based upon this Agreement except in state courts of New York or the United States District
Court for the Southern District of New York, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or
otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named
courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in
an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter
hereof may not be enforced in or by such court.


 


(j)
Waiver of Jury Trial. The parties hereto hereby waive any right to a jury trial
in connection with any litigation pursuant to this Agreement and the transactions contemplated hereby.


 


(k)
Amendments. This Agreement may not be amended, modified or waived as to any particular provision, except with the written
consent of the Company and the Purchasers.


 


(l)
Severability. The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision
will not affect the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement,
as applied to any party hereto or to any circumstance, is adjudged by a governmental authority, arbitrator, or mediator not to
be enforceable in accordance with its terms, the parties hereto agree that the governmental authority, arbitrator, or mediator
making such determination will have the power to modify the provision in a manner consistent with its objectives such that it
is enforceable, and/or to delete specific words or phrases, and in its reduced form, such provision will then be enforceable and
will be enforced.


 


(m)
Expenses. Each of the Company and the Purchasers will bear its own costs and expenses incurred in connection with the preparation,
execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and
expenses of agents, representatives, financial advisors, legal counsel and accountants.


 






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(n)
Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity
or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and
no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision
of this Agreement. Any reference to any federal, state, local, or foreign law will be deemed also to refer to law as amended and
all rules and regulations promulgated thereunder, unless the context requires otherwise. The words “include,” “includes,”
and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine,
and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include
the plural and vice versa, unless the context otherwise requires. The words “this Agreement,” “herein,”
“hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a
whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty,
and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty,
or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating
to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not
detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.


 


(o)
Waiver. No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether
intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant
hereunder or affect in any way any rights arising because of any prior or subsequent occurrence.


 


(p)
Confidentiality. Except as may be required by law, regulation or applicable stock exchange listing requirements, unless
and until the transactions contemplated hereby and the terms hereof are publicly announced or otherwise publicly disclosed by
the Company, the parties hereto shall keep confidential and shall not publicly disclose the existence or terms of this Agreement.


 


[Signature
page follows]


 









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IN
WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the date first set forth above.


 


	PURCHASERS:



	 
	ECOR1 CAPITAL FUND, L.P.	Address
    for Notices:
	 	 
	By:	           	 
	 	Name:
	 
	 	Title:	 
	 	 	Email:

	 	 	 
	ECOR1 CAPITAL FUND QUALIFIED, L.P.	Address
    for Notices:
	 	 
	By:	 	 
	 	Name:
	 
	 	Title:	 
	 	 	Email:

	 	 	 
	ECOR1 VENTURE OPPORTUNITY FUND, L.P.	Address
    for Notices:
	 	 
	By:	 	 
	 	Name:
	 
	 	Title:	 
	 	 	Email:

	 	 	 
	ADVISER:	 
	 	 	 
	ECOR1 PANACEA HOLDINGS, LLC	Address
    for Notices:
	 	 
	By:	 	 
	 	Name:
	 
	 	Title:	 
	 	 	Email:

	 	 	 
	COMPANY:	 
	 	 	 
	PANACEA ACQUISITION CORP.	 
	 	 
	By:
	 	 
	 	Name:	 
	 	Title:	 


 


 


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