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Pharma

Sanofi finalizes a $2.2B acquisition of Dynavax

Sanofi recently announced its plan to acquire Dynavax for $2.2 billion, despite not being completed yet. This acquisition is expected to be completed by Sanofi in the first quarter of 2026.

Deal Details

  1. Acquisition Price: The all-cash takeover bid of $15.50 per share valued Dynavax at a price that was a 39% premium on its last closing price on December 23, 2025.
  2. Strategic Rationale: Sanofi, a French pharmaceutical giant, seeks to strengthen its adult vaccines business by making this acquisition.
  3. Critical Resources: Dynavax is getting access to the existing HEPLISAV-B vaccine licensed for adults suffering from hepatitis B, as well as a promising candidate vaccine for shingles marketed as Z-1018.
  4. Timeline: The acquisition is expected to be completed by Q1 2026.
  5. Funding: The purchase will be funded by the available cash of Sanofi, which will not influence its financial guidance for the year 2025.

In response, comments were made by Dynavax’s new leader, Ryan Spencer, who said that being with Sanofi would give it “global scale and expertise needed to maximize the impact of our vaccine portfolio.”

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