Sanofi SA (NASDAQ:SNY) on Wednesday agreed to acquire Dynavax Technologies Corporation (NASDAQ:DVAX) for $15.50 per share in cash, reflecting a total equity value of approximately $2.2 billion.
The acquisition augments Sanofi’s presence in adult immunization.
Key Vaccine Assets
Dynavax’s adult hepatitis B vaccine HEPLISAV-B is currently marketed in the U.S. and is differentiated by its two-dose regimen over one month, which enables high levels of seroprotection faster than other hepatitis B vaccines, which are given in three doses over six months.
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The acquisition also includes Dynavax’s shingles vaccine candidate (Z-1018), which is currently in phase 1/2 clinical development, and additional vaccine pipeline projects.
“Dynavax enhances Sanofi’s adult immunization presence by adding differentiated vaccines that complement Sanofi’s expertise,” said Thomas Triomphe, Executive Vice President, Vaccines, Sanofi.
Sanofi plans to fund the acquisition with available cash resources. For the quarter ending September 30, 2025, Sanofi reported 8.906 billion euros (about $9.7 billion) in cash and cash equivalents.
The agreement to acquire Dynavax is not expected to have any impact on Sanofi’s financial guidance for 2025. The acquisition is expected to close in the first quarter of 2026.
Regulatory Update: Tolebrutinib
On Thursday, the U.S. Food and Drug Administration (FDA) issued a complete response letter (CRL) for Sanofi’s new drug application of tolebrutinib to treat non-relapsing secondary progressive multiple sclerosis (nrSPMS) in adult patients.
On December 15, 2025, Sanofi said the FDA review would extend beyond the revised December 28, 2025, U.S. target action date, with further guidance expected by the end of the first quarter of 2026.
The company also confirmed it submitted an expanded access protocol for tolebrutinib in non-relapsing secondary progressive multiple sclerosis, following an FDA request.
As communicated on December 15, 2025, Sanofi is conducting an impairment test in accordance with IFRS on the intangible asset value attached to tolebrutinib with a status to be provided with fourth quarter and fiscal 2025 results in January 2026.
The outcome of this test will have no impact on the business net income/business EPS, and there is no change to the financial guidance for 2025.
Price Action: Sanofi shares were down 0.14% at $48.25 during premarket trading on Wednesday, according to Benzinga Pro data. DVAX was up 37.47%.
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