July 01, 2026 —
Valerio Therapeutics announced that it has signed a binding offer to acquire 100% of Etherna Immunotherapies NV in a transaction valued at €30 million on an enterprise value basis. The proposed acquisition is intended to accelerate Valerio’s strategy to become a leading developer of next-generation targeted RNA medicines for cells and tissues beyond the liver.
Etherna is a technology platform company focused on mRNA and lipid nanoparticle, or LNP technologies. The company has developed proprietary capabilities in customizable lipid nanoparticles, advanced mRNA chemistry, and RNA therapeutic manufacturing.
The proposed acquisition would combine Valerio’s proprietary single-domain antibody, or sdAb, targeting and conjugation technologies with Etherna’s mRNA and LNP platform. Together, the companies aim to create a fully integrated RNA medicines platform that combines active targeting through sdAbs with passive LNP delivery and nucleic acid chemistry.
Valerio said the combined platform is designed to address a key challenge in RNA therapeutics: delivering nucleic acid payloads to specific cell types and tissues beyond the liver. By integrating targeted moiety engineering, LNP delivery, mRNA chemistry, and GMP manufacturing, the company aims to support discovery, development, and manufacturing of its own product candidates while also enabling partnership and licensing opportunities.
The lead program emerging from the combined platform is focused on an in vivo CAR-T approach designed to target and modulate pathological B cells and T cells in immunological diseases. Valerio aims to advance at least two immunology programs through IND-enabling studies and into the clinic within 18 to 24 months.
The announcement follows the recent appointment of Gilles Besin, Ph.D., as Valerio’s Chief Executive Officer. Besin brings more than two decades of experience in drug discovery, immunology, RNA-based medicine, targeted delivery, and in vivo cell therapy. He previously served as Chief Scientific Officer at Orbital Therapeutics, an in vivo CAR-T company using targeted LNP technology that was acquired by Bristol Myers Squibb in 2025.
The proposed acquisition is supported by leading life sciences investors, with key Etherna shareholders expected to become Valerio shareholders as part of the transaction. The companies have entered a six-week exclusivity period to finalize definitive transaction documentation.
The transaction includes both cash and share consideration. The cash portion is backed by committed financing from Valerio’s existing shareholders, while the share portion would involve contribution of Etherna shares to Valerio. Completion remains subject to several conditions, including regulatory approvals, foreign direct investment clearance, final transaction documentation, financing completion, and Valerio shareholder approval of the share consideration. Voting undertakings have been secured from shareholders representing more than 70% of voting rights.
Etherna’s board of directors has unanimously approved the binding offer. If completed, the acquisition would position Valerio as a more integrated RNA therapeutics company with capabilities spanning targeted delivery, LNP formulation, mRNA chemistry, manufacturing, and pipeline development.
The transaction reflects a broader industry push to expand RNA medicines beyond liver-targeted applications. By combining active sdAb targeting with LNP delivery and in-house manufacturing, Valerio aims to build a differentiated platform for precision RNA therapeutics in immunology and other high-unmet-need diseases.
