Panacea Innovation Ltd Increases Stake in Connect Biopharma Holdings to 21.2% via Private Placement

On March 31, 2026, Panacea Innovation Ltd and its affiliates increased their stake in Connect Biopharma Holdings Limited (CNTB) through a private placement. Specifically, Panacea Venture Healthcare Fund II, L.P. purchased 1,160,000 Ordinary Shares at a price of $3.45 per share, totaling approximately $4 million. This transaction was part of a larger Securities Purchase Agreement dated March 29, 2026, in which the Issuer sold an aggregate of 6,130,000 Ordinary Shares to various investors. Following this acquisition, the reporting persons, including James Huang, Panacea Innovation Limited, and Panacea Venture Healthcare Fund II GP Company, Ltd., collectively hold beneficial ownership of 13,160,000 shares, representing 21.2% of the company's outstanding stock. In connection with the offering, James Huang entered into a 45-day lock-up agreement. The Issuer has also committed to filing a registration statement within 45 days of the closing to cover the resale of the newly issued shares.