Topological physics relies on Hamiltonian’s eigenstate singularities carrying topological charges, such as Dirac points, and – in non-Hermitian systems – exceptional points (EPs), lines or surfaces. So far, the reported non-Hermitian topological transitions were related to the creation of a pair of EPs connected by a Fermi arc out of a single Dirac point by increasing non-Hermiticity. Such EPs can annihilate by reducing non-Hermiticity. Here, we demonstrate experimentally that an increase of non-Hermiticity can lead to the annihilation of EPs issued from different Dirac points (valleys). The studied platform is a liquid crystal microcavity with voltage-controlled birefringence and TE-TM photonic spin-orbit-coupling. Non-Hermiticity is provided by polarization-dependent losses. By increasing the non-Hermiticity degree, we control the position of the EPs. After the intervalley annihilation, the system becomes free of any band singularity. Our results open the field of non-Hermitian valley-physics and illustrate connections between Hermitian topology and non-Hermitian phase transitions.