Sanofi Commences Tender Offer to Acquire Dynavax Technologies for $15.50 Per Share in Cash

summarizeSummary

Sanofi, through its subsidiary Samba Merger Sub, Inc., has commenced a tender offer to acquire all outstanding shares of Dynavax Technologies Corporation for $15.50 per share in cash, leading to Dynavax becoming an indirect wholly-owned subsidiary of Sanofi.

check_boxKey Events

• Tender Offer Commencement

  Sanofi's subsidiary, Samba Merger Sub, Inc., initiated a tender offer to acquire all outstanding shares of Dynavax Technologies Corporation.

• Offer Price

  Shareholders are offered $15.50 per share in cash for their Dynavax shares.

• Board Recommendation

  Dynavax's Board of Directors unanimously recommended that shareholders accept the offer and tender their shares.

• Transaction Value

  The acquisition is valued at approximately $2.30 billion.

auto_awesomeAnalysis

This SC TO-T filing formally announces the commencement of Sanofi's tender offer to acquire all outstanding shares of Dynavax Technologies Corporation for $15.50 per share in cash. The offer price represents a significant premium over Dynavax's closing price of $11.16 on December 22, 2025, before the merger agreement announcement, and a slight premium to the $15.41 closing price on January 9, 2026, just before the offer commenced. The acquisition, valued at approximately $2.30 billion, is a definitive, thesis-altering event for Dynavax, as it will cease to be an independent public entity and its shares will be delisted. The Dynavax Board has unanimously recommended that shareholders tender their shares, and the transaction is not subject to a financing condition, indicating a high likelihood of completion. Shareholders who do not tender will receive the same cash consideration in a subsequent short-form merger.