1. Sanofi to acquire Dynavax for $15.50 per share in cash. 2. Acquisition represents a 39% premium over last close on December 23, 2025. 3. Sanofi aims to enhance adult vaccination portfolio with Dynavax’s products. 4. Dynavax’s HEPLISAV-B offers two-dose regimen for hepatitis B vaccination. 5. Transaction expected to close in Q1 2026, subject to regulatory approvals.
FAQ
Why Very Bullish?
The premium offer significantly exceeds recent trading prices, boosting DVAX's immediate value.
How important is it?
The acquisition announcement directly correlates with significant financial benefits for DVAX shareholders.
Why Short Term?
Quick price appreciation expected as shareholders align with tender offer process and approval timeline.
Sanofi Acquires Dynavax Technologies: A Significant Step in Adult Vaccination
Sanofi has announced a strategic acquisition of Dynavax Technologies Corporation (Nasdaq: DVAX), a biopharmaceutical company known for its innovative vaccines, including an adult hepatitis B vaccine and a candidate for shingles vaccination. This deal, set to enhance Sanofi's portfolio in adult immunization, involves a cash payment of $15.50 per share, representing a 39% premium over Dynavax's closing stock price on December 23, 2025.
Details of the Acquisition
According to the acquisition terms, Sanofi is offering a total equity value of approximately $2.2 billion. This significant financial investment will enable Sanofi to integrate Dynavax's HEPLISAV-B®, a two-dose adult hepatitis B vaccine, into its existing product lineup. HEPLISAV-B is advantageous due to its rapid seroprotection capabilities compared to traditional hepatitis B vaccines, which require a three-dose regimen over six months.
Furthermore, the acquisition also includes Dynavax's shingles vaccine candidate (Z-1018), currently in phase 1/2 clinical development, indicating Sanofi's commitment to expanding its vaccine pipeline.
Implications for Public Health
This acquisition not only strengthens Sanofi's vaccination portfolio but also addresses significant public health needs. In the United States, nearly 100 million adults born before 1991 remain unvaccinated, exposing them to risks of hepatitis B and shingles infections. Chronic hepatitis B infections can lead to severe liver diseases, including cirrhosis and liver cancer, while shingles, caused by the varicella zoster virus, affects approximately one in three adults and can cause debilitating complications.
Quotes from Company Executives
Thomas Triomphe, Executive Vice President for Vaccines at Sanofi, stated, "Dynavax enhances our adult immunization presence by adding differentiated vaccines that complement our expertise. The inclusion of HEPLISAV-B and the shingles candidate brings new options to our portfolio."
Ryan Spencer, CEO of Dynavax, expressed optimism about the move: "Joining Sanofi will provide the global scale and expertise needed to maximize the impact of our vaccine portfolio. This transaction is in the best interests of our company and its stockholders."
Financial Considerations and Next Steps
The transaction is subject to various customary closing conditions, including the tender of shares representing a majority of Dynavax’s equity, completion of regulatory approvals, and other standard conditions. If these conditions are met, the deal is expected to close in the first quarter of 2026.
Centerview Partners LLC and Goldman Sachs & Co. LLC are serving as financial advisors to Dynavax, with Cooley LLP providing legal counsel.
About Dynavax and HEPLISAV-B
Dynavax is dedicated to the development and commercialization of innovative vaccines for protecting against infectious diseases. Its flagship product, HEPLISAV-B, is designed to prevent hepatitis B infections in adults aged 18 and older. Administered as a two-dose regimen within one month, HEPLISAV-B utilizes a proprietary vaccine adjuvant to enhance immune response.
For more information on Dynavax's products and ongoing initiatives, visit www.dynavax.com.