Overview
- Sanofi agreed to buy Dynavax for $15.50 per share in cash, valuing the company at about $2.2 billion, via a tender offer followed by a merger.
- The price represents roughly a 39% premium to Dynavax’s December 23 close and about a 46% premium to its three-month VWAP, and Dynavax’s board unanimously approved the deal.
- Completion depends on a majority of shares being tendered, expiration of the Hart‑Scott‑Rodino waiting period, and foreign regulatory clearances, with closing targeted for Q1 2026.
- The acquisition adds Dynavax’s HEPLISAV‑B, a two‑dose adult hepatitis B vaccine marketed in the U.S., EU and U.K., plus the Z‑1018 shingles candidate in phase 1/2.
- Sanofi plans to fund the purchase with available cash and does not expect any change to its 2025 financial guidance.