The valence bond theory was proposed by Heitler and London to explain covalent bond formation using quantum mechanics. It assumes that covalent bonds are formed between atoms by the donation of an electron from each atom. The theory describes how overlapping atomic orbitals lead to the formation of sigma and pi bonds between atoms. Sigma bonds are stronger and form from head-on overlapping of orbitals, while pi bonds are weaker and form from side-by-side overlapping.