Sanofi acquires Dynavax for USD 2.2 billion on Christmas Eve

The French pharmaceutical group Sanofi has reached an agreement to acquire the US vaccine company Dynavax Technologies Corporation. The aim of the acquisition is to significantly expand Sanofi's position in the field of adult vaccines.

Approved hepatitis B vaccine expands Sanofi's portfolio

With the acquisition, Sanofi has secured HEPLISAV-B®, a vaccine already marketed in the USA for the prevention of hepatitis B in adults. The vaccine differs from existing offerings with a two-dose schedule within one month, whereas conventional vaccines require three doses over six months. This means that a high level of immune protection can be achieved more quickly.

Pipeline access: New candidate against shingles

In addition to the approved product, the transaction also includes the shingles vaccine candidate Z-1018, which is currently in clinical phase 1/2. In addition, Sanofi gains access to further research projects from the Dynavax vaccine pipeline.

Strategic importance for the adult immunization market

Hepatitis B and shingles are major health problems that have not yet been fully addressed. In the USA alone, around 100 million adults born before 1991 have not been vaccinated against hepatitis B. According to the WHO, shingles affects around one in three people during their lifetime and can lead to serious complications.

Sanofi's goal with the acquisition is to address these coverage gaps with scalable vaccine solutions and to leverage the Group's global reach for preventive medicine.

Purchase price and financing

Sanofi is offering USD 15.50 per share in cash, which corresponds to a company valuation of around USD 2.2 billion. The deal was unanimously approved by Dynavax's Board of Directors and is to be financed entirely from existing cash resources.

The acquisition is subject to customary regulatory conditions and is expected to close in the first quarter of 2026. No impact on Sanofi's financial guidance for 2025 is expected.

Signal effect for start-ups and the biotech sector

The acquisition underlines the strategic value of focused vaccine innovation and shows how specialized biotech companies can become attractive acquisition candidates for global pharmaceutical companies through clear product differentiation.