On May 17, 2023, enGene, Inc., a clinical-stage biotech company, and Forbion European Acquisition Corp. (FEAC) entered a definitive business combination agreement valued at approximately C$180 million (US$135 million). The new entity, enGene Holdings Inc., would be listed on Nasdaq.

The financing included Forbion Growth’s C$27.16 million (US$20 million) investment in FEAC Class A shares, a C$156.17 million (US$115 million) PIPE investment, and approximately C$150.738 million (US$111 million) from FEAC’s trust. Proceeds were intended to fund the clinical development of enGene’s gene therapy candidate, EG-70, and other pipeline programs.

The transaction, approved by the boards of enGene and FEAC, was expected to close in the second half of 2023, pending shareholder and regulatory approvals.

SVB Securities served as lead capital markets advisor and lead placement agent for FEAC, with UBS Investment Bank as lead financial advisor, capital markets advisor, and co-placement agent. Legal counsel for FEAC included Davis Polk & Wardwell LLP (U.S.), Stikeman Elliott LLP (Canada), Maples Group, and Loyens & Loeff N.V. Kirkland & Ellis LLP advised SVB Securities and UBS Investment Bank. Morgan Stanley & Co. LLC acted as financial advisor for enGene, with Morgan Lewis & Bockius LLP as U.S. legal counsel and Blake, Cassels & Graydon LLP as Canadian legal counsel.

The merger aimed to enhance gene therapy's reach through enGene’s DDX platform, focusing on localized, non-viral delivery.