Frazier Lifesciences (NASDAQ:FLAC) announced this morning that its shareholders have approved its business combination with biotech firm NewAmsterdam Pharma Holding during a special meeting today.
The SPAC disclosed that holders of approximately 32% of FLAC Class A ordinary shares exercised their right to redeem their shares for cash, significantly lower than the average redemption rate for completed deals this year at 83.99%.
Additionally, more than 90% of the votes cast at today’s meeting were cast in favor of the business combination. FLAC shareholders also voted to approve all other proposals.
FLAC now expects to close the deal on November 22, subject to the satisfaction or waiver of customary closing conditions. Upon closing, the ordinary shares and redeemable warrants of the combined company, NewAmsterdam Pharma Company, will be listed on The Nasdaq under the ticker symbols “NAMS” and “NAMSW” respectively, and are anticipated to begin trading on November 23.
The parties initially announced their $326 million combination on July 25, 2022. Netherlands-based NewAmsterdam is developing a range of drugs aimed at reducing patient cholesterol levels suffering from liver, heart and brain disorders.
ADVISORS
- Credit Suisse Securities (USA) LLC is acting as lead PIPE placement agent, financial advisor, and capital markets advisor to FLAC.
- Jefferies LLC is also acting as PIPE placement agents to FLAC and is acting as financial advisor and capital markets advisor to FLAC.
- SVB Securities LLC is also acting as PIPE placement agents to FLAC and is acting as financial advisor and capital markets advisor to the Company.
- William Blair & Company, L.L.C. is also acting as PIPE placement agents to FLAC and is acting as financial advisor and capital markets advisor to FLAC.
- Moelis & Co. is also acting as financial advisor to the Company.
- Covington & Burling LLP is acting as legal counsel to the Company.
- Goodwin Procter LLP is acting as legal counsel to FLAC.
- Kirkland & Ellis LLP is acting as legal counsel to the PIPE placement agents.


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