Arya Sciences Acquisition Corp (NASDAQ:ARYA) and Immatics Biotechnologies GmbH reported on Monday that their respective shareholders have authorised the business combination between Arya and Immatics announced in March.

Also, none of Arya's shareholders redeemed their shares in connection with the shareholder approval. The two companies' boards of directors had previously approved the business combination.

Financial details were not disclosed.

Following the Arya shareholder vote, Immatics and Arya began the final procedures towards the closing of the business combination and expect it to be completed in the coming days. Trading of the shares of the combined company, Immatics NV, is expected to start under the symbol 'IMTX' on the first trading day thereafter. Immatics will continue to operate under its existing management team led by chief executive officer Harpreet Singh.

In connection with the business combination agreement, a group of US healthcare institutional investors committed to invest in Immatics NV through an ordinary share private investment in public equity ('PIPE'). Immatics shareholders, Arya shareholders and the PIPE investors will hold shares in Immatics NV.

Immatics is a clinical-stage biopharmaceutical company active in the discovery and development of T cell redirecting cancer immunotherapies. Arya is a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.