Eubelius assists Fortress Investment Group on its USD 32.5m equity investment in Celyad Oncology

Fortress Investment Group is investing USD 32.5m in Celyad Oncology, a Belgian listed biotechnology company.

As a result of the transaction, Fortress will hold 28.8% of Celyad’s shares.

In the framework of this investment, Fortress and Celyad have entered into a shareholders’ rights agreement. Pursuant to this agreement, as long as Fortress holds 10% of the shares of Celyad, it will benefit from a right of first offer on any new indebtedness to be incurred by Celyad and on any new equity securities to be issued, pro rata with its shareholding, as well as the right to nominate two individuals to Celyad’s board of directors. In addition, as long as Fortress holds 15% or more of the outstanding shares of Celyad, certain intellectual property transactions will be subject to a 90% board majority for approval. Celyad will propose an amendment to its articles of association to reflect this qualified right.

The Eubelius team consisted of Marieke Wyckaert, Matthias Wauters, Joris De Wolf and Bert Antonissen.

For more information, see the Celyad press release.