SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* EcoR1 Panacea Holdings II, LLC (Last) (First) (Middle) C/O PANACEA ACQUISITION CORP. II, 357 TEHAMA STREET, FLOOR 3 (Street) SAN FRANCISCO, CA 94103 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol Panacea Acquisition Corp. II [ PANA ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 04/09/2021
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A ordinary shares	04/09/2021		P		545,000	A	$10	545,000	D(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* EcoR1 Panacea Holdings II, LLC (Last) (First) (Middle) C/O PANACEA ACQUISITION CORP. II, 357 TEHAMA STREET, FLOOR 3 (Street) SAN FRANCISCO, CA 94103 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* NODELMAN OLEG (Last) (First) (Middle) C/O PANACEA ACQUISITION CORP. II, 357 TEHAMA STREET, FLOOR 3 (Street) SAN FRANCISCO, CA 94103 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director 10% Owner X Officer (give title below) Other (specify below) CEO and Chairman of the Board

1. Name and Address of Reporting Person* EcoR1 Capital Fund, L.P. (Last) (First) (Middle) C/O PANACEA ACQUISITION CORP. II, 357 TEHAMA STREET, FLOOR 3 (Street) SAN FRANCISCO, CA 94103 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* EcoR1 Capital Fund Qualified, L.P. (Last) (First) (Middle) C/O PANACEA ACQUISITION CORP. II, 357 TEHAMA STREET, FLOOR 3 (Street) SAN FRANCISCO, CA 94103 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* EcoR1 Venture Opportunity Fund, LP (Last) (First) (Middle) C/O PANACEA ACQUISITION CORP. II, 357 TEHAMA STREET, FLOOR 3 (Street) SAN FRANCISCO, CA 94103 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* EcoR1 Capital, LLC (Last) (First) (Middle) C/O PANACEA ACQUISITION CORP. II, 357 TEHAMA STREET, FLOOR 3 (Street) SAN FRANCISCO, CA 94103 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Biotech Opportunity GP, LLC (Last) (First) (Middle) C/O PANACEA ACQUISITION CORP. II, 357 TEHAMA STREET, FLOOR 3 (Street) SAN FRANCISCO, CA 94103 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. The reporting owner, EcoR1 Panacea Holdings II, LLC (the "Sponsor"), in whose name the securities reported herein are held, is managed by its managing members, EcoR1 Capital Fund, L.P., EcoR1 Capital Fund Qualified, L.P. and EcoR1 Venture Opportunity Fund, L.P. The general partner of EcoR1 Capital Fund, L.P. and EcoR1 Capital Fund Qualified, L.P. is EcoR1 Capital, LLC and the general partner of EcoR1 Venture Opportunity Fund, L.P. is Biotech Opportunity GP, LLC (together with EcoR1 Capital, LLC, the "General Partners"). Oleg Nodelman is the manager of each of the General Partners. Each of the Reporting Persons may be deemed a beneficial owner of shares held by the Sponsor but each (other than the Sponsor) disclaims beneficial ownership of any such shares except to the extent of its respective pecuniary interest therein.

Remarks:

Oleg Nodelman, the manager of each of the General Partners, serves on the board of directors of the Panacea Acquisition Corp. II. For the purposes of Section 16 of the Securities Exchange Act of 1934, as amended, each of the Reporting Persons (other than Mr. Nodelman) may be deemed a director by deputization with respect to the issuer on the basis of Mr. Nodelman's service on the issuer's board of directors.

	EcoR1 Panacea Holdings II, LLC, By: /s/ Oleg Nodelman, Chief Executive Officer	04/13/2021
	/s/ Oleg Nodelman	04/13/2021
	EcoR1 Capital Fund, L.P., By: /s/ Oleg Nodelman, Manager of EcoR1 Capital, LLC, its general partner	04/13/2021
	EcoR1 Capital Fund Qualified, L.P., By: /s/ Oleg Nodelman, Manager of EcoR1 Capital, LLC, its general partner	04/13/2021
	EcoR1 Venture Opportunity Fund, L.P., By: /s/ Oleg Nodelman, Manager of Biotech Opportunity GP, LLC, its general partner	04/13/2021
	EcoR1 Capital, LLC, By: /s/ Oleg Nodelman, Manager	04/13/2021
	Biotech Opportunity GP, LLC, By: /s/ Oleg Nodelman, Manager	04/13/2021
	** Signature of Reporting Person	Date
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