Villejuif, France — Valerio Therapeutics has signed a binding offer to acquire 100% of Etherna Immunotherapies in a transaction valued at €30 million, creating a fully integrated company focused on targeted RNA medicines.
The proposed acquisition would combine Valerio’s single-domain antibody targeting and conjugation technologies with Etherna’s messenger RNA, lipid nanoparticle and manufacturing capabilities.
Valerio said the combined company would be positioned to develop RNA medicines targeting cells and tissues beyond the liver while supporting a growing proprietary pipeline and potential partnerships with pharmaceutical companies.
Etherna has developed customizable lipid nanoparticles, advanced mRNA chemistry and manufacturing capabilities extending through Good Manufacturing Practice production.
The transaction would bring together nucleic acid chemistry, lipid nanoparticle delivery and targeted moiety engineering within one biotechnology company. Valerio said the combined platform would support the discovery, development and manufacturing of product candidates.
The company aims to advance at least two programs in immunological indications through investigational new drug-enabling studies and into clinical development within 18 to 24 months.
Its lead program is focused on an in vivo CAR-T approach designed to target and modulate pathological B and T cells in immunological diseases.
“The acquisition of Etherna is a transformative moment for Valerio, propelling us toward our vision of building a fully integrated RNA therapeutics company. By bringing together Etherna’s cutting-edge science with our proprietary targeted delivery technologies, we are creating a powerful engine for innovation. Together, these capabilities position us to efficiently and confidently advance the next generation of RNA medicines beyond the liver, opening new therapeutic frontiers and expanding what is possible for patients worldwide.” said Gilles Besin, Ph.D., CEO of Valerio.
The announcement follows the appointment of Besin as Valerio’s chief executive officer. He has more than 20 years of experience in drug discovery, immunology and RNA-based medicine and previously held leadership roles at Orbital Therapeutics, Bristol Myers Squibb, Affinivax and Moderna.
“This transaction represents a natural next step in Etherna’s mission to unlock the full potential of nucleic acid-based medicines. Together with Valerio, we will have the scientific capabilities, leadership and ambition to translate these technologies into a growing pipeline of targeted medicines, building long-term value while advancing novel therapies for patients – while continuing to support our partners in discovery, development and manufacturing.” said Bernard Sagaert, CEO of Etherna.
The proposed acquisition values Etherna at €30 million and would be paid through a combination of cash and Valerio shares. The cash portion is backed by financing commitments from Valerio’s existing shareholders.
Key Etherna shareholders would become Valerio shareholders through the transaction.
Completion remains subject to regulatory approvals, including Belgian foreign direct investment clearance, final transaction documentation, completion of the financing and approval of the share consideration by Valerio shareholders.
Valerio said shareholders representing more than 70% of its voting rights have committed to support the share consideration. Etherna’s board of directors unanimously approved the binding offer, and the companies have entered a six-week exclusivity period to finalize the transaction documents.
