Sanofi has agreed to acquire U.S. vaccine developer Dynavax Technologies for $2.2 billion in cash, a transaction that will add Dynavax’s marketed adult hepatitis B vaccine HEPLISAV‑B and its shingles candidate Z‑1018 to Sanofi’s product lineup. The deal is structured as a cash tender offer of $15.50 per share, a 39 % premium to Dynavax’s closing price of $11.13 on December 23 2025 and a 46 % premium to the 3‑month volume‑weighted average price. The transaction is expected to close in the first quarter of 2026 and will be funded with Sanofi’s available cash reserves.
The acquisition is a strategic fit that deepens Sanofi’s adult immunization presence. HEPLISAV‑B’s two‑dose regimen, delivered within one month, offers a compliance advantage over the traditional three‑dose hepatitis B vaccines, while Z‑1018, still in Phase 1/2, shows comparable efficacy to GSK’s Shingrix but with a potentially better safety profile. Dynavax’s CpG 1018 adjuvant technology, already used in HEPLISAV‑B, is also licensed to partners and will be leveraged by Sanofi to accelerate its own vaccine pipeline. The deal positions Sanofi to capture a larger share of the growing U.S. adult hepatitis B market—where HEPLISAV‑B holds 46 % overall and 63 % in the retail segment—and the sizable shingles market dominated by Shingrix.
Financially, the acquisition adds a high‑margin product line to Sanofi’s portfolio. In Q3 2025, Sanofi reported €12.43 billion in sales, up 7 % year‑over‑year, with new launches growing 40.8 % and Dupixent sales at €4.2 billion. Vaccine sales were €3.4 billion, a modest decline driven by price competition in the flu segment. Dynavax’s HEPLISAV‑B generated $90 million in revenue in Q3 2025, a 13 % year‑over‑year increase from $79.3 million in Q3 2024, and $268.4 million in full‑year 2024. The transaction is not expected to affect Sanofi’s 2025 guidance, underscoring the company’s confidence in its existing growth trajectory.
Management emphasized the strategic fit. Thomas Triomphe, Sanofi’s Executive Vice President of Vaccines, said the deal “enhances our adult immunization portfolio by adding differentiated vaccines that complement our expertise.” Ryan Spencer, Dynavax CEO, noted that joining Sanofi “provides the global scale and expertise needed to maximize the impact of our vaccine portfolio.” Both executives highlighted the potential for accelerated commercialization of HEPLISAV‑B and Z‑1018 under Sanofi’s global commercial reach.
The acquisition signals Sanofi’s continued focus on high‑margin specialty care and immunology, diversifying its revenue sources beyond its flagship drug Dupixent and positioning the company to capitalize on the expanding adult vaccine market. By integrating Dynavax’s proven product and adjuvant technology, Sanofi strengthens its competitive edge and expands its product pipeline, reinforcing its long‑term growth strategy.
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