Sanofi announced that it has entered into an agreement to acquire Dynavax Technologies Corporation, a publicly traded vaccines company, for $15.50 per share in cash, representing a total equity value of approximately $2.2 billion. Dynavax brings a marketed adult hepatitis B vaccine, HEPLISAV-B, and a differentiated shingles vaccine candidate in phase 1/2 clinical development, expanding Sanofi’s adult immunization offerings. The combination of Dynavax’s vaccines with Sanofi’s global development, manufacturing, and commercial capabilities will strengthen Sanofi’s ability to provide comprehensive vaccine protection across the lifespan.
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HEPLISAV-B is distinguished by its two-dose regimen over one month, allowing patients to achieve faster seroprotection compared to traditional three-dose hepatitis B vaccines administered over six months. The acquisition also adds Dynavax’s shingles vaccine candidate Z-1018 along with additional pipeline projects, broadening Sanofi’s portfolio of innovative adult vaccines.
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Thomas Triomphe, Executive Vice President of Vaccines at Sanofi, said that Dynavax enhances the company’s adult immunization presence by adding vaccines that complement Sanofi’s expertise. He emphasized that the acquisition provides new options for adults and reinforces Sanofi’s dedication to delivering vaccines across all stages of life. Ryan Spencer, CEO of Dynavax, stated that joining Sanofi will allow the company to leverage global scale, commercial reach, and development resources to maximize the impact of its vaccines. He noted that the merger aligns with Dynavax’s mission to protect public health by making its innovative vaccines more widely available.
Hepatitis B and shingles continue to represent significant public health challenges and adult vaccination opportunities. In the United States, nearly 100 million adults born before 1991 remain unvaccinated against hepatitis B, placing them at risk of chronic infection, liver damage, cirrhosis, and liver cancer. Shingles affects one in three adults in their lifetime and can cause painful rashes, long-term nerve pain, eye infections, and in rare cases, dangerous brain inflammation, according to the World Health Organization.
Under the terms of the merger agreement, Sanofi will launch a cash tender offer for all outstanding Dynavax shares. The offer represents a 39 percent premium over the December 23, 2025 closing price and a 46 percent premium over the three-month volume-weighted average price. The Dynavax board of directors has unanimously approved the transaction, which is subject to standard closing conditions including regulatory approvals and the tender of a majority of outstanding shares. Once completed, a Sanofi subsidiary will merge with Dynavax, and any remaining shares will be converted into the same cash offer.
Sanofi intends to fund the acquisition using available cash resources, and the transaction is expected to close in the first quarter of 2026, pending satisfaction of customary closing requirements. This acquisition reinforces Sanofi’s commitment to expanding adult immunization globally and positions the company to deliver innovative vaccines that address significant unmet health needs.
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