Document:

Exhibit 10.6

 

PRIVATE
PLACEMENT UNITS PURCHASE AGREEMENT

 

THIS PRIVATE PLACEMENT UNITS PURCHASE AGREEMENT
(as it may from time to time be amended and including all exhibits referenced herein, this “Agreement”),
dated as of June 30, 2020, is entered into by and between Panacea Acquisition Corp., a Delaware corporation (the “Company”),
and PA Co-Investment LLC, a Delaware limited liability company (the “Purchaser”).

 

WHEREAS, the Company intends to consummate
an initial public offering of the Company’s units (the “Public Offering”), each unit consisting
of one share of Class A common stock of the Company, par value $0.0001 per share (a “Share”), and one-third
of one redeemable warrant, each whole warrant entitling the holder to purchase one Share at an exercise price of $11.50 per Share,
as set forth in the Company’s Registration Statement on Form S-1, filed with the U.S. Securities and Exchange Commission,
No. 333-239138 (the “Registration Statement”), under the Securities Act of 1933, as amended (the “Securities
Act”).

 

WHEREAS, the Purchaser has agreed to purchase,
at a price of $10.00 per unit, an aggregate of 90,000 units (and up to 97,500 units if the underwriters in the Public Offering
exercise their over-allotment option in full) (the “Private Placement Units”), each Private Placement
Unit consisting of one Share (a “Private Placement Share”) and one-third of one redeemable warrant (a
“Private Placement Warrant”), each Private Placement Warrant entitling the holder to purchase one Share
at an exercise price of $11.50 per Share.

 

NOW THEREFORE, in consideration of the mutual
promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

AGREEMENT

 

Section 1. Authorization, Purchase
and Sale; Terms of the Private Placement Units.

 

A. Authorization
of the Private Placement Securities. The Company has duly authorized the issuance and sale of the Private Placement
Units, including the Private Placement Shares and the Private Placement Warrants included in the Private Placement Units, and,
subject to proper exercise of the Private Placement Warrants and against payment therefor, the Shares underlying such Private Placement
Warrants, to the Purchaser.

 

B. Purchase
and Sale of the Private Placement Units.

 

(i) On
the date of the consummation of the Public Offering or on such earlier time and date as may be mutually agreed by the Purchaser
and the Company (the “IPO Closing Date”), the Company shall issue and sell to the Purchaser, and the
Purchaser shall purchase from the Company, 90,000 Private Placement Units at a price of $10.00 per Private Placement Unit for an
aggregate purchase price of $900,000 (the “Purchase Price”). The Purchaser shall pay, at least one (1)
business day prior to the IPO Closing Date, the Purchase Price by wire transfer of immediately available funds, to accounts designated
by the Company, including to the trust account (the “Trust Account”), at a financial institution to be
chosen by the Company, maintained by Continental Stock Transfer & Trust Company, acting as trustee, in accordance with the
Company’s wiring instructions. On the IPO Closing Date, subject to receipt of funds pursuant to the immediately prior sentence,
the Company shall effect such delivery in book-entry form.

 

    	 	 	 

     

    

 

(ii) On
the date of the consummation of the closing of the over-allotment option, if any, in connection with the Public Offering or on
such earlier time and date as may be mutually agreed by the Purchaser and the Company (an “Over-allotment Closing Date,”
and each Over-allotment Closing Date (if any) and the IPO Closing Date, a “Closing Date”), the Company
shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, up to 7,500 Private Placement Units (or,
to the extent the over-allotment option is not exercised in full, a lesser number of Private Placement Units in proportion to the
portion of the over-allotment option that is then exercised) at a price of $10.00 per Private Placement Unit for an aggregate purchase
price of up to $75,000 (if the over-allotment option is exercised in full) (the “Over-allotment Purchase Price”).
The Purchaser shall pay the Over-allotment Purchase Price in accordance with the Company’s wire instruction by wire transfer
of immediately available funds to the Company or the Trust Account (as set forth in the wire instructions), at least one (1) business
day prior to the applicable Over-allotment Closing Date. On each Over-allotment Closing Date, subject to receipt of funds pursuant
to the immediately prior sentence, the Company shall effect such delivery in book-entry form.

 

C. Terms
of the Private Placement Securities.

 

(i) The
Private Placement Units are substantially identical to the units to be offered in the Public Offering except that (a) the Private
Placement Units (including the underlying Shares, Private Placement Warrants and the Shares issuable upon exercise of the Private
Placement Warrants) will not, except in limited circumstances, be transferable or salable until 30 days after the completion of
the Company’s initial business combination (the “Business Combination”) so long as they are held
by the Purchaser or its permitted transferees, and (b) the Private Placement Units are being purchased pursuant to an exemption
from the registration requirements of the Securities Act and will become freely tradable only after the expiration of the lockup
described above in clause (a) and they are registered pursuant to the Registration Rights Agreement (as defined below) or an exemption
from registration is available, and the restrictions described above in clause (a) have expired and (c) each Private Placement
Warrant shall have the terms set forth for private placement warrants in a Warrant Agreement to be entered into by the Company
and a warrant agent in connection with the Public Offering (the “Warrant Agreement”), including that
the Private Placement Warrants purchased by Purchaser shall not be exercisable more than five years from the effective date of
the Registration Statement in accordance with Rule 5110(f)(2)(G)(i) of the FINRA Manual. Additionally, the Purchaser acknowledges
that the Private Units, including the Private Placement Shares and the Private Placement Warrants included in the Private Placement
Units, and the Shares underlying the Private Placement Warrants will be deemed compensation by the Financial Industry Regulatory
Authority (“FINRA”) and will therefore be subject to lock-up for a period of 180 days immediately following
the date of effectiveness of the Registration Statement or commencement of sales of the Public Offering, subject to certain limited
exceptions, pursuant to Rule 5110(g)(1) of the FINRA Manual. Accordingly, the Private Units, including the Private Placement Shares
and the Private Placement Warrants included in the Private Placement Units, and the Shares underlying the Private Placement Warrants,
may not be sold, transferred, assigned, pledged or hypothecated for 180 days immediately following the effective date of the Registration
Statement except to any underwriter or selected dealer participating in the Public Offering and the bona fide officers or partners
of the Purchaser and any such participating underwriter or selected dealer nor may they be the subject of any hedging, short sale,
derivative, put or call transaction that would result in the economic disposition of the securities by any person during such 180-day
period.

 

    	 	2	 

     

    

 

(ii) On
or prior to the IPO Closing Date, the Company and the Purchaser shall enter into a registration rights agreement (the “Registration
Rights Agreement”) pursuant to which the Company will grant certain registration rights to the Purchaser relating
to the Private Placement Units, including the Private Placement Shares and the Private Placement Warrants included in the Private
Placement Units, and the Shares underlying the Private Placement Warrants.

 

Section 2. Representations and Warranties
of the Company.

 

As a material inducement to the Purchaser
to enter into this Agreement and purchase the Private Placement Units, the Company hereby represents and warrants to the Purchaser
(which representations and warranties shall survive each Closing Date) that:

 

A. Incorporation
and Corporate Power. The Company is a corporation duly incorporated, validly existing and in good standing under the
laws of the State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably
be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company
possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement and
the Warrant Agreement.

 

B. Authorization;
No Breach.

 

(i) The
execution, delivery and performance of this Agreement and the Private Placement Units, including the Private Placement Shares and
the Private Placement Warrants included in the Private Placement Units, and, subject to proper exercise of the Private Placement
Warrants and against payment therefor, the Shares underlying such Private Placement Warrants, have been duly authorized by the
Company. 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 (as applicable) and this Agreement,
the Private Placement Units, including the Private Placement Warrants included in the Private Placement Units, will constitute
valid and binding obligations of the Company, enforceable in accordance with their terms as of each Closing Date.

 

    	 	3	 

     

    

 

(ii) The
execution and delivery by the Company of this Agreement and the Private Placement Units, the issuance and sale of the Private Placement
Units, the issuance of the Private Placement Shares and the Private Placement Warrants included in the Private Placement Units
and the Shares upon exercise of the Private Placement Warrants and the fulfillment of and compliance with the respective terms
hereof and thereof by the Company, do not and will not as of each 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.

 

C. Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement
(as applicable), the Private Placement Shares included in the Private Placement Units and the Shares issuable upon exercise of
the Private Placement Warrants will be duly and validly issued, fully paid and nonassessable. On the date of issuance of the Private
Placement Units, the Private Placement Shares and the Shares issuable upon exercise of the Private Placement Warrants shall have
been reserved for issuance. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement
(as applicable), the Purchaser will have good title to the Private Placement Units, including the Private Placement Shares and
the Private Placement Warrants included in the Private Placement Units, and the Shares issuable upon exercise of the Private Placement
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.

 

D. Governmental
Consents. Assuming the accuracy of the representations and warranties made by the 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.

 

Section 3. Representations and Warranties
of the Purchaser.

 

As a material inducement to the Company
to enter into this Agreement and issue and sell the Private Placement Units to the Purchaser, the Purchaser hereby represents and
warrants to the Company (which representations and warranties shall survive each Closing Date) that:

 

A. Organization
and Requisite Authority. The Purchaser possesses all requisite power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

    	 	4	 

     

    

 

B. Authorization;
No Breach.

 

(i) This
Agreement constitutes a valid and binding obligation of the Purchaser, 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).

 

(ii) The
execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the Purchaser
do not and shall not as of each Closing Date (a) conflict with or result in a breach by the Purchaser 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 Purchaser’s equity 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 Purchaser’s organizational documents in effect on the date hereof or as may be amended prior to completion
of the contemplated Public Offering, or any material law, statute, rule or regulation to which the Purchaser is subject, or any
agreement, instrument, order, judgment or decree to which the Purchaser is subject, except for any filings required after the date
hereof under federal or state securities laws.

 

C. Investment
Representations.

 

(i) The
Purchaser is acquiring the Private Placement Units, including the Private Placement Shares and the Private Placement Warrants included
in the Private Placement Units, and, upon exercise of the Private Placement Warrants, the Shares issuable upon such exercise (collectively,
the “Securities”) for its own account, for investment purposes only and not with a view towards, or for
resale in connection with, any public sale or distribution thereof.

 

(ii) The
Purchaser understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from the
registration requirements of the United States federal and state securities laws and that the Company is relying upon the truth
and accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth herein
in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.

 

(iii) The
Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D under the Securities
Act, and the Purchaser has not experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the
Securities Act. The Purchaser did not decide to enter into this Agreement as a result of any general solicitation or general advertising
within the meaning of Rule 502(c) of Regulation D under the Securities Act.

 

(iv) The
Purchaser has been furnished with all materials relating to the business, finances and operations of the Company and materials
relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the
opportunity to ask questions of the executive officers and directors of the Company. The Purchaser understands that its investment
in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary
to make an informed investment decision with respect to the acquisition of the Securities.

 

    	 	5	 

     

    

 

(v) The
Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed on
or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities
by the Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(vi) The
Purchaser understands that: (a) the Securities have not been and are not being registered under the Securities Act or any state
securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or
(2) sold in reliance on an exemption therefrom; (b) except as specifically set forth in the Registration Rights Agreement, neither
the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state securities
laws or to comply with the terms and conditions of any exemption thereunder; and (c) Rule 144 adopted pursuant to the Securities
Act will not be available for resale transactions of Securities prior to a Business Combination and may not be available for resale
transactions of Securities after a Business Combination.

 

(vii) The
Purchaser has such knowledge and experience in financial and business matters, knowledge of the high degree of risk associated
with investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits
and risks of an investment in the Securities and is able to bear the economic risk of an investment in the Securities in the amount
contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current financial
needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment
in the Securities. The Purchaser can afford a complete loss of its investments in the Securities.

 

(viii) The
Purchaser understands that the Private Placement Units and the Shares included in the Private Placement Units shall bear the legend
substantially in the form of the following and be subject to appropriate “stop transfer restrictions”:

 

“THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED,
SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE
SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER
DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG PANACEA ACQUISITION CORP. (THE “COMPANY”), ECOR1 PANACEA HOLDINGS, LLC,
PA CO-INVESTMENT LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED
PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS
DEFINED IN ITS AMENDED AND RESTATED CERTIFICATE OF INCORPORATION) EXCEPT TO A PERMITTED TRANSFEREE (AS DESCRIBED IN THE LETTER
AGREEMENT REFERENCED ABOVE) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

    	 	6	 

     

    

 

SECURITIES EVIDENCED HEREBY SHALL
BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT WITH THE COMPANY.

 

(ix) The
Purchaser understands that the Private Placement Warrants shall bear the legend substantially in the form set forth in the Warrant
Agreement and be subject to appropriate “stop transfer restrictions”.

 

Section 4. Conditions of the Purchaser’s
Obligations.

 

The obligations of the Purchaser to purchase
and pay for the Private Placement Units are subject to the fulfillment, on or before each Closing Date, of each of the following
conditions:

 

A. Representations
and Warranties. The representations and warranties of the Company contained in Section 2 shall be true and correct at
and as of such Closing Date as though then made.

 

B. Performance.
The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by it on or before such Closing Date.

 

C. No
Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been
enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

D. Warrant
Agreement and Registration Rights Agreement. The Company shall have entered into the Warrant Agreement and the Registration
Rights Agreement, in each case on terms satisfactory to the Purchaser.

 

Section 5. Conditions of the Company’s
Obligations.

 

The obligations of the Company to the Purchaser
under this Agreement are subject to the fulfillment, on or before each Closing Date, of each of the following conditions:

 

A. Representations
and Warranties. The representations and warranties of the Purchaser contained in Section 3 shall be true and correct
at and as of such Closing Date as though then made.

 

B. Performance.
The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by the Purchaser on or before such Closing Date.

 

    	 	7	 

     

    

 

C. Corporate
Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery
and performance of this Agreement and the Warrant Agreement and the issuance and sale of the Private Placement Units, including
the Private Placement Shares and the Private Placement Warrants included in the Private Placement Units, hereunder.

 

D. No
Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been
enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

E. Warrant
Agreement. The Company shall have entered into the Warrant Agreement.

 

Section 6. Termination.

 

This Agreement may be terminated at any
time after December 31, 2020 upon the election by either the Company or the Purchaser upon written notice to the other party if
the closing of the Public Offering has not occurred prior to such date.

 

Section 7. Survival of Representations
and Warranties.

 

All of the representations and warranties
contained herein shall survive the applicable Closing Date.

 

Section 8. Definitions.

 

Terms used but not otherwise defined in
this Agreement shall have the meaning assigned to such terms in the Registration Statement.

 

Section 9. Miscellaneous.

 

A. Successors
and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement
by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto
whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this
Agreement, other than assignments by the Purchaser to affiliates thereof (including, without limitation one or more of its members).

 

B. Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

    	 	8	 

     

    

 

C. Counterparts.
This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than
one party, but all such counterparts taken together shall constitute one and the same agreement. Signatures to this Agreement transmitted
via facsimile or e-mail shall be valid and effective to bind the party so signing.

 

D. Descriptive
Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute
a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example
rather than by limitation.

 

E. Governing
Law. This Agreement shall be deemed to be a contract made under the laws of the State of New York and for all purposes
shall be construed in accordance with the internal laws of the State of New York.

 

F. Amendments.
This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by
the parties hereto.

 

[Signature page follows]

 

    	 	9	 

     

    

 

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

 

	 	COMPANY:
	 	 	 	 
	 	PANACEA ACQUISITION CORP.
	 	 	 	 
	 	By:	/s/ Oleg Nodelman
	 	 	Name: 	Oleg Nodelman
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	PURCHASER:
	 	 	 	 
	 	PA Co-Investment LLC
	 	 	 	 
	 	By: 	/s/ Owen Littman
	 	 	Name: 	Owen Littman
	 	 	Title:	Authorized Signatory

 

 

 

[Signature Page to Private Placement
Units Purchase Agreement]Exhibit 10.7

 

FORWARD
PURCHASE AGREEMENT

 

This Forward Purchase
Agreement (this “Agreement”) is entered into as of June 30, 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.

 

    2

     

    

 

(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.

 

    3

     

    

 

(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.

 

    4

     

    

 

(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.

 

    5

     

    

 

(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.

 

    6

     

    

 

(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.

 

    7

     

    

 

(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.

 

    8

     

    

 

(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.

 

    9

     

    

 

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: Scott Perlen, email: perlen@ecor1cap.com,
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.

 

    10

     

    

 

(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.

 

    11

     

    

 

(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.

 

(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]

 

    12

     

    

 

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:EcoR1 Capital, LLC, its General
        Partner

         

        By:/s/ Oleg Nodelman

               Name: Oleg Nodelman

               Title: Manager
	
        357 Tehama Street

        Floor 3

        San Francisco, CA 94103

	 	Email: panacea@ecorlcap.com
	 	 
	ECOR1 CAPITAL FUND QUALIFIED, L.P.	Address for Notices:
	 	 
	
        By:EcoR1 Capital, LLC, its General
        Partner

         

        By:/s/ Oleg Nodelman

               Name: Oleg Nodelman

               Title: Manager
	
        357 Tehama Street

        Floor 3

        San Francisco, CA 94103

	 	
        Email: panacea@ecorlcap.com

         

	ECOR1 VENTURE OPPORTUNITY FUND, L.P.	Address for Notices:
	 	 
	
        By:Biotech Opportunity GP, LLC, its
        General Partner

         

        By:/s/ Oleg Nodelman

               Name: Oleg Nodelman

               Title: Manager
	
        357 Tehama Street

        Floor 3

        San Francisco, CA 94103

	 	
        Email: panacea@ecorlcap.com

	 	 
	
        

        ADVISER:
	 
	 	 
	ECOR1 PANACEA HOLDINGS, LLC	Address for Notices:
	 	 
	
        By:/s/ Oleg Nodelman

               Name: Oleg Nodelman

               Title: Chief Executive Officer
	
        357 Tehama Street

        Floor 3

        San Francisco, CA 94103

	 	 
	 	Email: panacea@ecorlcap.com
	COMPANY:	 
	 	 
	PANACEA ACQUISITION CORP.	 
	 	 
	
        By:/s/ Sarah Marriott

               Name: Sarah Marriott

              Title: Secretary

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