Sanofi is rounding out 2025 with a multi-billion-dollar transaction. On December 24, the company announced that it entered into an agreement to acquire Dynavax Technologies Corporation, based in Emeryville, California. Under the terms of the agreement, Sanofi will commence a cash tender offer to acquire all outstanding shares of Dynavax for $15.50 per share in cash, reflecting a total equity value of approximately $2.2 billion.
Dynavax Technologies is a publicly traded vaccines company with a marketed adult hepatitis B vaccine (HEPLISAV-B®) and a differentiated shingles vaccine candidate (Z-1018). According to its most recent annual SEC filing, Dynavax reported approximately $277.2 million in total revenues for full fiscal year 2024, with FY 2024 Adjusted EBITDA of $51.9 million.
HEPLISAV-B is currently marketed in the United States 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. Dynavax’s shingles vaccine candidate, Z-1018, is currently in phase 1/2 clinical development, as well as additional vaccine pipeline projects.
Sanofi is a global pharmaceutical company focused on preventing illness with vaccines and providing treatments to fight pain. It is based in Paris, France. According to its most recent financial report, Sanofi’s annual revenue for FY 2024 was more than $47.9 billion, and its EBITDA was $12.1 billion.
The acquisition augments Sanofi’s presence in adult immunization by bringing together Dynavax’s vaccines with Sanofi’s global scale, development capabilities and commercial reach. Sanofi plans to fund the acquisition with available cash resources. Subject to the satisfaction or waiver of customary closing conditions, the transaction is expected to close in the first quarter of 2026.
Centerview Partners LLC and Goldman Sachs are acting as financial advisors to Dynavax, and Cooley LLP is acting as its legal counsel.
According to data captured in the LevinPro HC database, this transaction marks the 135th Biotechnology acquisition of the year and ranks as the 13th largest Biotechnology deal by purchase price announced in 2025. There were 139 Biotechnology deals announced in 2024, and 161 announced in 2023.
