SCHEDULE 13G: Invus Group Discloses 6.3% Stake in enGene Holdings

Raymond Debbane and affiliated entities, including Invus Public Equities and Avicenna Life Sci Master Fund, reported a combined 6.3% passive beneficial ownership in enGene Holdings Inc.

Summary

• Raymond Debbane, through a network of affiliated entities including Invus Public Equities, L.P. and Avicenna Life Sci Master Fund LP, beneficially owns 4,244,559 Common Shares of enGene Holdings Inc.
• This aggregate ownership represents 6.3% of enGene Holdings Inc.'s outstanding Common Shares.
• The calculation of the percentage of shares beneficially owned is based on 66,984,661 Common Shares outstanding as of December 17, 2025.
• The reporting persons certified that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, indicating a passive investment strategy.

Sentiment

Score: 6

Explanation: The filing is largely neutral as a regulatory disclosure, but the emergence of a significant institutional investor group holding a passive stake can be viewed as a moderately positive signal of investor confidence in the company.

Positives

• The disclosure of a significant stake by a prominent investment group like Invus, led by Raymond Debbane, can signal institutional confidence in enGene Holdings Inc.'s long-term prospects.
• The passive nature of the investment, as certified by the reporting persons, suggests a lack of immediate intent to influence company control, which can provide stability.

Risks

• No specific risks to the issuer were disclosed in this beneficial ownership filing, as it primarily concerns the reporting of a passive investment stake.

Future Outlook

This filing does not contain forward-looking statements or guidance from enGene Holdings Inc. It is a disclosure of beneficial ownership by an external investment group.

Management Comments

• Raymond Debbane, as President of Invus Public Equities Advisors, LLC, and Chief Executive Officer of Avicenna Life Sci Master GP LLC, certified that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer.

Industry Context

The disclosure of a significant passive stake by an institutional investor group is a common occurrence in the public markets, particularly for companies in sectors like biotechnology (implied by 'enGene Holdings'), where long-term investment horizons are typical. Such filings indicate ongoing institutional interest in the company's equity.

Comparison to Industry Standards

• This Schedule 13G filing is a standard regulatory disclosure for investors acquiring more than 5% of a company's voting securities with a passive investment intent. It aligns with typical reporting requirements for institutional investors in the U.S. market.
• The certification of passive intent is standard for a 13G filing, differentiating it from a Schedule 13D which would imply an intent to influence or control the issuer.

Stakeholder Impact

• Shareholders: Increased institutional ownership may lead to greater market liquidity and potentially provide a floor for the stock price due to a large, stable holder.
• Management: The passive nature of the investment suggests no immediate pressure for strategic or operational changes from this investor group.

Next Steps

• No specific future actions or milestones for enGene Holdings Inc. are mentioned in this beneficial ownership filing.

Key Dates

Recommendation

The disclosure of a significant 6.3% passive stake by a reputable investment group like Invus, led by Raymond Debbane, signals institutional confidence in enGene Holdings Inc. While this alone doesn't warrant a 'buy' recommendation without further fundamental analysis of the company's operations and financials, it provides a positive indicator of long-term investor interest. Given the passive nature, no immediate activist pressure is expected. Therefore, a 'hold' recommendation is appropriate for existing investors, while potential investors should conduct further due diligence.

Keywords

enGene Holdings Inc., Invus Public Equities, Avicenna Life Sci Master Fund, Raymond Debbane, Beneficial Ownership, SEC Filing, Schedule 13G, Institutional Investment, Common Shares