Sanofi announced a cash purchase of Dynavax Technologies Corporation for approximately $2.2 billion, paying $15.50 per share to Dynavax shareholders. The offer represents a 39% premium to Dynavax’s closing price of $11.13 on December 23 2025 and is expected to close in the first quarter of 2026.
The acquisition expands Sanofi’s adult‑immunization portfolio at a time when the industry is shifting focus toward older populations. HEPLISAV‑B, Dynavax’s two‑dose hepatitis B vaccine, has a clear adherence advantage over the three‑dose schedule of competitors, positioning it to capture a growing share of the $8.38 billion hepatitis B market, projected to reach $13.31 billion by 2032. Z‑1018, a Phase 1/2 shingles candidate, shows comparable immunogenicity to GSK’s Shingrix while potentially offering a better tolerability profile, giving Sanofi a future‑growth asset in a market worth billions.
Dynavax’s Q3 2025 revenue of $90 million—up 13% year‑over‑year—underscores the commercial momentum of HEPLISAV‑B, which commands roughly 46% of the U.S. adult hepatitis B vaccine market. Net income of $26.9 million ($0.21 per diluted share) reflects a 53% increase from the same period last year, driven by higher product volumes and a favorable mix. Sanofi will fund the deal with cash and has stated the transaction will not affect its 2025 financial guidance, indicating confidence in its existing cash flow and balance‑sheet strength.
Thomas Triomphe, Sanofi’s Executive Vice President of Vaccines, said the deal “enhances Sanofi’s adult immunization presence by adding differentiated vaccines that complement our expertise.” Ryan Spencer, Dynavax CEO, added that joining Sanofi “will provide the global scale and expertise needed to maximize the impact of our vaccine portfolio.”
Investors responded positively to the premium and the strategic fit, reflecting confidence that Sanofi’s global reach will accelerate the commercial potential of HEPLISAV‑B and Z‑1018. The transaction aligns with Sanofi’s “Play to Win” strategy, which prioritizes first‑in‑class and best‑in‑class therapies and seeks to diversify growth beyond its flagship products.
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