French oncology-focused biotech Valerio Therapeutics said it signed a definitive agreement to acquire 100% of Belgian immunotherapy developer Etherna Immunotherapies NV for an enterprise value of €30 million.
The transaction will be financed through a combination of cash and new shares. To fund the cash component, Valerio raised €40.25 million in a private investment in public equity (PIPE) financing, issuing 68,220,333 new ordinary shares at €0.59 each. The price represented a 25% discount to the three-day volume-weighted average price before pricing.
The new shares will account for approximately 13.7% of Valerio’s share capital and voting rights, increasing total shares outstanding to 567,668,634 upon settlement. The cash proceeds will cover the acquisition consideration, advance Valerio’s product pipeline—including VTX-001, VTX-002 and VTX-003—and support working capital needs. The company said it has sufficient resources to fund planned operating expenses for at least 18 months.
Artal International SCA led the financing with a €18 million subscription, followed by Financière de la Montagne (€7 million) and Saint James Luxembourg (€1 million). Van Lanschot Kempen NV acted as exclusive financial advisor and sole placement agent, while Goodwin Procter LLP provided legal counsel to Valerio.
Settlement is expected next Tuesday, with the new shares to be admitted to trading on Euronext Growth Paris the same day. Shareholder approval will be sought at an extraordinary general meeting scheduled for October 6, 2026. Valerio said it already holds irrevocable voting commitments covering more than 70% of existing voting rights.
