French biotechnology firm Valerio Therapeutics said on Thursday it will acquire Belgian immunotherapy developer Etherna Immunotherapies NV for €30 million, funded through a combination of cash and stock.
The transaction, structured via a definitive share purchase agreement, is contingent on shareholder approval at an extraordinary general meeting scheduled for October 6, 2026. Existing shareholders holding over 70% of voting rights have already committed to irrevocable votes in favor of the deal.
To cover the cash portion and support ongoing development, Valerio raised €40.25 million through a private investment in public equity (PIPE) placement. The financing included the issuance of 68,220,333 new ordinary shares priced at €0.59 each, representing a 25% discount to the prior three-day volume-weighted average price. Post-issuance, the new shares will account for approximately 13.7% of Valerio’s share capital and voting rights.
Artal International SCA led the placement with an €18.0 million subscription, followed by Financière de la Montagne (€7.0 million) and Saint James Luxembourg (€1.0 million). The company’s total share count will rise to 567,668,634 ordinary shares upon settlement, expected on Tuesday.
The acquisition aligns with Valerio’s portfolio strategy, which includes clinical-stage projects VTX-001, VTX-002, and VTX-003. Management stated the financing provides sufficient runway to fund planned operating expenses for at least 18 months.
Van Lanschot Kempen NV served as exclusive financial advisor and placement agent, while Goodwin Procter LLP provided legal counsel to Valerio. The new shares are slated for listing on Euronext Growth Paris on Tuesday.
