Valerio Therapeutics has completed its acquisition of Etherna Immunotherapies, combining RNA chemistry, lipid nanoparticle delivery and targeting technologies in a business with in-house manufacturing capabilities.
The transaction covers all of Etherna’s share capital and voting rights and is based on an enterprise value of €30 million. Completion followed settlement of the share consideration, after the cash portion closed in August.
Valerio raised approximately €40.25 million in August through the issuance of 68,220,333 ordinary shares at €0.59 each. The financing funded the acquisition’s cash consideration and supports Etherna’s integration and subsequent development milestones.
The remaining consideration involved contributions of Etherna shares to Valerio in exchange for newly issued Valerio shares. Certain Etherna lenders and managers also subscribed for Valerio shares by offsetting receivables owed to them by Etherna, at the same subscription price.
Valerio shareholders approved the resolutions needed to finalize the transaction on Oct. 6. Shareholders representing 77% of the company’s capital participated. Settlement and delivery of the new shares took place on Oct. 8.
The combined platform brings together Valerio’s single-domain antibody libraries and Etherna’s expertise in messenger RNA and lipid nanoparticles. Valerio intends to use these capabilities to develop RNA medicines targeting tissues beyond the liver.
The company aims to advance at least one proprietary program into first-in-human studies within its previously announced 18-to-24-month timeframe.
Valerio also plans to generate non-dilutive revenue through Etherna’s mRNA and lipid nanoparticle services and collaborations with biotechnology and pharmaceutical companies. These activities would run alongside development of the combined company’s internal therapeutic programs.
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