Forbion European Acquisition Corp. (FRBN) Shareholders Approve enGene Deal
by Marlena Haddad on 2023-10-24 at 5:43pm

Forbion European Acquisition Corp. (NASDAQ:FRBN) announced that its shareholders approved its combination with biotech firm enGene at a special meeting held earlier today.

In connection with the meeting, FEAC’s public shareholders holding 10,379,144 Class A ordinary shares elected to redeem their shares.

The parties expect to close the business combination on or about October 31, subject to the satisfaction or waiver of the conditions with respect to the deal.

Forbion originally brought about $133 million into the deal from its trust, including $20 million in Class A shares held by its sponsor, Forbion Growth, and 166,665 shares already covered by a non-redemption agreement.

The SPAC supplemented this with a $56.9 million PIPE at $10.25 per share that drew the participation of institutional and strategic investors including BVF Partners, Omega Funds, Cowen Healthcare Investments, Investissement Québec, Vivo Capital, Northleaf Capital Partners and CTI Life Sciences.

Forbion European inked its deal with enGene earlier this year in May. Montreal-based company enGene is developing non-viral gene therapies to treat cancers and other conditions.

All other proposals on the ballot were approved by shareholders with minimal pushback.
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