Biogena Shareholders Green-Light Merger as Group Sets Sights on €500 Million Revenue Target

Biogena Group Invest investors unanimously approved the merger with sister company Good Vibes, ending Group Invest's stock exchange listing.

Biogena's corporate overhaul cleared its final shareholder hurdle on Monday, when investors in Biogena Group Invest AG unanimously backed the merger with sister company Biogena Good Vibes AG. Shareholders on the acquiring side voted just as decisively in favour, sealing a deal that will extinguish Group Invest's stock exchange listing once the transfer of assets is complete.

The two boards had signed off on the merger agreement back on 27 August, setting the formal effective date at 31 January 2026. Under the terms, Group Invest will hand over its entire assets to Good Vibes, which serves as the group's top-level holding company. For every Group Invest share they hold, investors receive 0.879197 shares of Good Vibes. Fractional entitlements are not simply written off — they will be settled in cash at EUR 4.99 per exchange share.

To fund the transaction, Good Vibes agreed to raise its share capital from EUR 97,353,208 by as much as EUR 3,507,996, bringing it to a maximum of EUR 100,861,204 through the issue of up to 3,507,996 new shares. Those new shares carry dividend rights retroactive to 1 October 2025 — though if registration in the commercial register drags on, the profit entitlement shifts back accordingly, as the merger only takes legal effect upon that entry.

A Fresh Listing, Then a Swift Consolidation

The restructuring caps a busy stretch for the group on the Vienna Stock Exchange. Good Vibes only made its trading debut in the direct market plus segment roughly three weeks ago, raising close to EUR 18 million in fresh capital through its public offering. At the time of the listing, the Vienna Stock Exchange noted that a merger of the two companies was under review — a possibility that has now become reality.

The consolidation has also shaped how Group Invest manages its own affairs. In its half-year report published about a month ago, the company drew a firm line for the months ahead: no additional capital measures and no new equity stakes are planned in the second half of the 2026/2027 financial year, with management channelling its resources squarely into the legal reorganisation.

€500 Million Target Backed by Existing Capacity

Behind the tidying up of the group's legal structure sit far more ambitious operating plans. Management is targeting annual revenue of roughly EUR 500 million by the 2030/31 financial year. According to the chief executive, the existing production capacity at the group's two Salzburg sites is already sufficient to handle that scale.

The group, which employs more than 500 people, generated revenue of around EUR 125 million in the financial year ending September 2025, with earnings before interest, taxes, depreciation and amortisation of EUR 19 million. For the current financial year, management has guided towards a revenue increase of about 20% to roughly EUR 150 million. Dietary supplements remain the core of the business, accounting for some 90% of group revenue.

Market Reaction Muted

Trading in the stock has been subdued of late. Group Invest shares slipped 1.9% yesterday to close at EUR 5.15, with the current price standing at EUR 5.25. Even so, the longer-term picture remains firmly positive — the stock is up 75% since the start of the year.