Exhibit 10.11


 


Panacea Acquisition Corp.


357 Tehama Street, Floor 3


San Francisco, CA 94103


 


[·],
2020


 


EcoR1 Capital, LLC


357 Tehama Street, Floor 3


San Francisco, CA 94103


Re: Administrative Services Agreement


 


Gentlemen:


 


This letter agreement by and between Panacea Acquisition Corp.,
a Delaware corporation (the “Company”), and EcoR1 Capital, LLC, a Delaware limited liability company
(“EcoR1”), dated as of the date hereof, will confirm our agreement that, commencing on the date the securities
of the Company are first listed on the New York Stock Exchange (the “Listing Date”) and continuing until
the earlier of the consummation by the Company of an initial business combination and the Company’s liquidation (in each
case as described in the Registration Statement on Form S-1 (File No. 333-239138) filed with the Securities and Exchange Commission)
(such earlier date hereinafter referred to as the “Termination Date”):


 


		1.	EcoR1 shall make available to the Company, at 357 Tehama Street, Floor 3, San Francisco, CA 94103 (or any successor location
or other existing office locations of EcoR1 or any of its affiliates), certain office space, administrative and support services,
including compliance services, as may be reasonably requested by the Company. In exchange therefor, the Company shall pay, on the
first day of each month, EcoR1 the sum of $10,000 per month commencing on the Listing Date and continuing monthly thereafter until
the Termination Date; and



 


		2.	EcoR1 hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind or nature whatsoever
(each, a “Claim”) in or to, and any and all right to seek payment of any amounts due to it out of, the
trust account established for the benefit of the public stockholders of the Company and into which substantially all of the proceeds
of the Company’s initial public offering will be deposited (the “Trust Account”), and hereby irrevocably
waives any Claim it presently has or may have in the future as a result of, or arising out of, this letter agreement, which Claim
would reduce, encumber or otherwise adversely affect the Trust Account or any monies or other assets in the Trust Account, and
further agrees not to seek recourse, reimbursement, payment or satisfaction of any Claim against the Trust Account or any monies
or other assets in the Trust Account for any reason whatsoever.



 


This letter agreement 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.


 


This letter agreement may not be amended, modified or waived
as to any particular provision, except by a written instrument executed by all parties hereto.


 


No party hereto may assign either this letter agreement or any
of its rights, interests, or obligations hereunder without the prior written approval of the other party, provided that EcoR1 may
assign this letter agreement to an affiliate without the prior written approval of the Company. Any purported assignment in violation
of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported
assignee.


 






    


     


    

 


This letter agreement, the entire relationship of the parties
hereto, and any litigation between the parties (whether grounded in contract, tort, statute, law or equity) shall be governed by
and construed in accordance with the laws of the State of New York.


 


This letter agreement may be executed in one or more counterparts,
each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same letter
agreement.


 


[Signature page follows]


 






    


     


    

 








	 	Very truly yours,
	 	 
	 	PANACEA ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 


 








AGREED TO AND ACCEPTED BY:


 





	EcoR1 Capital, LLC	 
	 	 	 
	By:	 	 
	 	Name:	 	 
	 	Title:	 	 


 


[Signature Page to Administrative Services
Agreement]