Valerio Therapeutics

• Valerio Therapeutics (Euronext: ALVIO) announced a binding offer for the proposed acquisition of Etherna Immunotherapies, to create a differentiated leading targeted RNA medicines company 
• With the proposed transaction, Valerio aims to combine its sdAb targeting and conjugation technologies with Etherna's mRNA and LNP capabilities to create an integrated targeted RNA medicines platform with a proprietary pipeline
• The transaction is supported by financing commitments and shareholder support, with the cash consideration of the acquisition fully funded through commitments from Valerio’s existing shareholders, including Invus among others. In addition, several Etherna shareholders will be rolling over in the combined company as part of the transaction, underscoring strong confidence in the strategic vision and long-term value creation of the combination
• The company’s lead program in immunology is a novel in vivo CAR-T modality used to modulate pathogenic B and T cells and intended to enter clinical trials within the next 18-24 months
• Van Lanschot Kempen is acting as Sole Financial Adviser to Valerio. Van Lanschot Kempen’s role included advising on transaction strategy and structure, negotiating the terms and conditions of the binding offer, and supporting overall transaction execution and process management
• The transaction further strengthens Van Lanschot Kempen's position as a leading adviser to innovative life sciences companies and marks the firm's 10th transaction for a French biotech and healthcare company since 2025. It also highlights Van Lanschot Kempen's ability to support ambitious European growth and consolidation strategies across the sector

This transaction underscores Van Lanschot Kempen's growing role as a trusted strategic adviser to European biotechnology companies pursuing transformational M&A and financing transactions. Recent landmark transactions across the franchise include:

• Lead Manager in the oversubscribed and upsized US Offering of USD 920 million by Abivax
• Sole Financial Adviser to Galapagos in the sale of a portfolio of oncology and immunology programmes to Onco3R Therapeutics 
• Joint Bookrunner in the up to €84 million capital increase for Valneva
• Joint Bookrunner in the SEK 350 million capital increase by Egetis Therapeutics
• Joint Book-Running Manager in the USD 200 million IPO by Agomab Therapeutics
• Sole Global Coordinator and Joint Bookrunner in the €105 million capital increase by Transgene
• Co-Manager in the USD 748 million capital increase by Abivax
• Joint Bookrunner in the USD 201 million capital increase by Pharvaris
• Financial Advisor in the €37.5 million venture debt financing by MaaT Pharma
• Sole Financial Advisor to Genfit in the €185 million royalty monetisation with HCRx
• Sole Financial Advisor to Pharming in the SEK 725 million acquisition of Abliva  
• Strategic advisory for Genewity, Byondis, Iteos Therapeutics and V-Bio